U.S. High Court Denies 401(k) Participant’s Petition In Disgorged Profits Dispute

Mealey's (November 26, 2019, 1:01 PM EST) -- WASHINGTON, D.C. — The U.S. Supreme Court on Nov. 25 denied a petition for a writ of certiorari filed by a 401(k) plan participant who asked the high court to close a “huge loophole” created by the 10th Circuit U.S. Court of Appeals when it held in March 2019 that participants in a retirement plan may not seek disgorged profits for violations of the Employee Retirement Income Security Act when the alleged wrongdoer is a nonfiduciary party in interest (John Teets v. Great-West Life & Annuity Insurance Company, No. 19-382, U.S. Sup.)....