Broker Fiduciary Liability

The 401khelpcenter.com has written up a new Federal District Court case at:

http://www.401khelpcenter.com/401k/meehan_perils.html

The case involved and Edward Jones broker who helped the plan create asset allocation models. The Court found that he and Edward Jones were fiduciaries. The employer had borrowed money from the plan, booked them as "employer receivables" and then filed for bankruptcy. The broker was charged with the responsibility to question the increasing employer receivables number.