The U.S. Department of Labor has been sued by a 401(k) plan administrator over its cryptocurrency guidance. “This lawsuit seeks to preserve the rights of American investors to choose how to invest money in their own retirement accounts.”
This lawsuit seeks to preserve the rights of American investors to choose how to invest money in their own retirement accounts.
The plaintiff is Forusall Inc., which provides administrative and other services to retirement plans. The company claims to be “the first company to announce that it would make cryptocurrency available to 401(k) plan participants through a self-directed window,” the lawsuit details.
The complaint states:
DOL’s issuance of the Release was arbitrary, capricious, and otherwise not in accordance with law, and in excess of DOL’s statutory jurisdiction, authority, or limitations, and is therefore ‘unlawful and [shall be] set aside.’
