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General Motors employees can sue in 401k case

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The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan August 25, 2009. REUTERS/Jeff Kowals
The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan August 25, 2009. REUTERS/Jeff Kowals

WASHINGTON (WKZO) -- By doing nothing, the Supreme Court has given GM employees a victory in a dispute over the management of 401K retirement plans.

The high court let stand a lower court ruling which allows GM employees to sue State Street Bank and Trust over losses to their 401K plans.  The suit was filed in 2009.

State Street argued that the investment firm should be shielded from liability in 401K losses since GM had filed for Chapter 11 protection from creditors.

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