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Anthony Kennedy
Supreme Court poised to protect employees from high fees in 401(k) plans
Supreme Court poised to protect employees from high fees in 401(k) plans

Some 53 million Americans with retirement funds through their jobs may get new legal protection from high fees. Supreme Court justices were urged Tuesday to put employers on notice that they have a duty to constantly monitor the mutual funds they offer and to drop those that charge excessive fees. If not, firms could be sued and forced to pay damages to employees and retirees. Lawyers for the Obama administration told the justices that a federal law that protects pensions and retirement funds requires employers who sponsor these funds to act as "prudent" investors and to act "solely" in the interest of their employees and retirees. That means not just selecting a...

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