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.”
U.S. Labor Department Sued Over Crypto Guidance
The U.S. Department of Labor (DOL) and Secretary of Labor Martin J. Walsh have been sued over the department’s Compliance Assistance Release No. 2022-01. The guidance, titled “401(k) Plan Investments in ‘Cryptocurrencies,'” was issued on March 10.
The lawsuit alleges that the Labor Department breached its statutory purview by threatening “an investigative program” aimed at plan sponsors that offer digital assets.
According to the court document:
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,...
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