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ERISA is short for Employee Retirement Income Security Act of 1974, which is the federal law that governs employee benefits. ERISA pertains to pension plans, profit-sharing plans, and 401(k) plans.
Business owners and managers who are trustees or administrators of employee retirement plans are considered legal fiduciaries who owe a duty to the employees who have their money invested in the company's 401(k) or other retirement plan. These duties include investigating and evaluating investments in the plan, diversifying investments in the plan to minimize risk of loss, and to otherwise handle the investments in a prudent manner.
Many business owners and managers are not qualified or capable of properly evaluating investments, so they delegate such duties to investment professionals. When that happens, the brokers and brokerage firms assume the above-mentioned duties.
Contact a Miami or West Palm Beach ERISA Regulations Lawyer
Did your business's ERISA plan lose value resulting in losses to your employees? Have your business's financial advisors, such as stockbrokers, mishandled the moneys that were to fund your employees' retirement accounts? Your broker may be liable. Call or e-mail Dimond Kaplan & Rothstein, P.A.
Some ERISA plans and their participants suffer investment losses when the stockbroker or brokerage firm makes unsuitable trades, makes excessive trades or churns the account, or over-concentrates the investments in a single security.
If your employee retirement plan suffered investment losses due to stockbroker or brokerage firm misconduct, Dimond Kaplan & Rothstein, P.A., may be able to help you. Discuss your ERISA plan-related investment losses associated with unsuitable investment actions by your stockbroker or brokerage firm. Contact us to schedule a consultation with a West Palm Beach or Miami ERISA laws attorney. Our Miami, West Beach and Ft. Lauderdale area ERISA fiduciary duty law firm serves clients from throughout Florida, throughout the U.S. and throughout the world.
