Ninth Circuit Rules Again that Cashed Out Participants Have Standing under ERISA

In line with its 2008 decision in Vaughn v. Bay Environmental Management, Inc., 544 F.3d 1008 (9th Cir. 2008), the Ninth Circuit ruled that participants who voluntarily cash out their defined contributions plans have statutory and constitutional standing to assert breach of fiduciary duty claims under ERISA section 502(a)(2) even if relief is available under 502(a)(1)(B).

(Steve Harris, et al. v. Amgen, Inc. et al., 2009 U.S. App. LEXIS 15499)