The U.S. Supreme Court is scheduled to hear arguments Tuesday in a case that could have broad implications for the way millions of Americans save for retirement.
The court will focus on a narrow issue concerning the statute of limitations in the case, called Tibble v. Edison International . A ruling against Edison could trigger a wave of lawsuits against companies over the way they set up and manage 401(k) retirement accounts and similar plans, according to lawyers not involved with the case.
Tibble is one of 13 class-action lawsuits filed in the past eight years that have accused U.S. companies, including Boeing Co. and Massachusetts Mutual Life Insurance Co., of failing to act in the best interest of employees who participate in their 401(k) plans. The issues include failing to monitor excessive fees, favoring some high-cost retail mutual funds over lower-cost options and funneling employee savings into investment products managed by affiliate companies..
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