Investors sometimes lose money through the mismanagement of their employer-sponsored retirement plans, such as 401(k), 403(b) and various other types of retirement savings plans.
Some retirement savings plans provide employees with investment choices and permit employees to make their own informed investment choices. Others retirement plans give the plan trustee and brokers the discretion to make investments on behalf of the employees. In such cases, the broker and brokerage firm for which the broker works take on the legal responsibilities to the employees that are the same as those owed by the trustees of the 401(k), 403(b), or other retirement plans. When investment losses occur in employee retirement savings plans due to mismanagement of the money, employees may be able to recover their losses from the broker or brokerage firm through arbitration or litigation.
Examples of mismanagement of retirement funds are as follows:
- Churning
- Improper asset allocation
- Misrepresentation and omissions
- Unsuitable investments
- Credit default swaps
- Subprime investments
- Securities fraud
A broker in charge of handling retirement funds has a legal obligation to make investments in accordance with the objectives of the employees. Sorting out liability in the case of retirement funds squandered through fraud or mismanagement can be a complex task. A law firm with extensive experience and a track record of favorable outcomes is a valuable ally and asset for employees whose retirement funds have been depleted.
Miami Securities Fraud Attorneys Investigate Retirement Plan Losses
Dimond Kaplan & Rothstein, P.A., represents clients in South Florida, including in Miami, Ft. Lauderdale, and West Palm Beach, and throughout the United States. Our clients rely on our knowledge of securities laws and securities fraud arbitration and litigation to help them recover investment losses caused by the mismanagement of retirement funds. Our lawyers are known for our successes on behalf of clients who have been wronged through mismanagement of investments by brokers and fund managers.
Contact us for more information about how to recover funds invested in mismanaged 401(k), 403(b) and other retirement savings plans.
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