Workers Win BIG In Rare Victory Against Wall Street

Read more HERE:

"A unanimous Supreme Court ruling Monday in Hughes v. Northwestern University ensures that Americans will still be able to sue employers and Wall Street banks that bleed dry their retirement accounts — a landmark precedent in protecting the $7.3 trillion Americans hold in 401(k) accounts.

The 8-0 ruling, written by Sonia Sotomayor, found that 401(k) plan participants could continue to take legal action against employers for including high-fee, high-risk investments in their 401(k) lineup, even if they also included lower-fee, lower risk options.

The decision could be a blow against powerful private equity industry titans, who for years have been aiming to convince 401(k) plans to include their high-fee, high-risk offerings. Blackstone Group CEO Stephen Schwarzman has said accessing retirees’ 401(k) accounts was “one of our dreams.”"

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220127__TA04Workers

[philipmclaughlin]

This is shocking. Virtually nothing that helps Americans gets passed though Congress or ruled by a Conservative Supreme Court

[willking]

Pension = secure retirement
401k = companies gambling with your money

[ekrenz]

The working class deserve as many victories as possible. They are what makes America great.

[piccalillipit]

*WOW - AS A EUROPEAN* Im not accustomed to GOOD THINGS happening in America for American people...

[zrabennett]

It’s appalling that we are still talking about this after Enron.

[jeffreymeisner]

This is great. And an 8-0 ruling is extremely appropriate. Shows the SCOTUS is finally hearing the people.

[sparkledragon]

It should also be noted that the 401K was NEVER designed to be a person's total retirement. It was designed as a place for highly-paid people to park extra cash.

[toddmiller]

I'm shocked. Remember, these people think all of the money, all, belongs to them.

[Aikidragon_Prime]

All issuers of 401k and pensions MUST be fiduciary based, no more wall street influencers.

[ryantinloy]

I actually remember when people could retire in their 50's. These days, nope.

[josephbaker]

I'm very glad you decided to bring this up as the topic. I've been trying to explain such things to people for a long time it's been years. God bless you

[thisbushnell]

If they would have prevented the corps from selling off the pensions when they buy and dismantle a business, the steel workers and their families in the rust belt would not have sunk into poverty after 30 years of dedication.

[grinded]

401K is a ripoff. 401K was offered as an additional account for executive management that had other options besides 401K. In the 80s, corporate executives who hated pensions started pushing 401K to new employees. New workers were excluded from pensions. Pensions then became insolvent because money wasnt put into the accounts. The Federal government has to pick up tab at a reduced payout to remaining pensioners. We need to bring back pensions and Unions.

[kathleenfullerfuller]

It's about damn time that workers get a break . Workers are the backbone of this country and always have been. HOW ABOUT THOSE RAISES THEY DESERVE? I worked almost 61yrs, , ( not counting 8 to 15yrs old) and I laughed at the SS office when they said I would make $948 a month and I found out that I am eligible for $16, or $21 or $ 29 a month for food stamps. STILL LAUGHING----GETTING OLD IS

[jeanclaudejunior]

Nice. What an amazing day for the working people👏👏👏 greetings from Switzerland 🇨🇭

[ebesonen]

I know the conservative majority Supreme Court, likes to side with big business and the rich most of the time, but hearing this surprise ruling that people can still sue big corporations and the rich people, it makes me believe that there is still hope left for people in America ✊

[torrancejones]

Lost it all in 2008. My employer went through Vanguard and they were sitting on " hardship withdrawals"..

[billconstantine]

In Australia there is a law that the worst pension funds (here called superannuation) have to merge with another fund. Also, the government publishes the performances of the funds each year so you can compare them all. But Fox would call it ‘socialism’

[chamberofprogress]

Universal Basic Income = No Need for 401ks and pensions

[RetroGamerBB]

You have to have the money to sue them to start with.