The Bush administration has argued that the appeals courts are misreading the precedents and has asked the high court at least twice to clarify the earlier rulings. So far it has refused.
Congress, which could amend ERISA to make clear such suits are allowed, also has taken no action.
Congress and the President should take action to amend the law. "Asking the court" to do something is an empty gesture.
Unfortunately, I doubt that there will be any change in the situation after the election next year. Politicians (democrat or republican) often turn a deaf ear to the common man while listening intently to lobbying groups.
Insurance companies have a lobbying group.
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Originally Posted by Article
The court also recently turned down an appeal from Louis Gerard "Gerry" Goeres, who sued Charles M. Schwab & Co. over hundreds of thousands of dollars in retirement plan benefits.
For 16 months, Schwab mistakenly refused to acknowledge Goeres as the beneficiary in the retirement plan of his domestic partner, Stephen Ward, a Schwab employee who died in 1999. By the time Schwab acknowledged its error, the value of the account had declined by more than $500,000. Goeres sued for the rest. Federal courts dismissed the suit. "Unfortunately, legal relief is not available," U.S. District Judge Charles Breyer said in ruling against Goeres.
"You know the Schwab commercial, `Talk to Chuck?'" Goeres said. "I thought if Chuck knew this, he'd say, 'Oh my God, this is so wrong.' I live on naive dreams."
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Originally Posted by Idealogically Promiscuous
I read about this on Yahoo a couple days ago. I can assure you "Chuck" is going to be the one asking why I took my investments out of his care next quarter.
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Wasn't sure what you were referring to until I read the article.