SCOTUS Weighs 401(k) Accountability Amid Private Equity Incursion

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🐪 Happy Wednesday. It’s nice to see some corporate outlets finally catch up with us — and to remember the work of independent media is key in moving the needle on mainstream news coverage.

🔥 Today in The Lever: These private repo men are helping ICE hunt down migrants.

👇 Further down in this newsletter:

• The SCOTUS showdown over your 401(k).
• Vacancies at the Justice Department.
• A settlement at the meat counter.

STORIES TO GO

In a hurry? These are the top stories in the country today. 

🗳️ Trump-backed challengers in Indiana unseated five GOP incumbents in the U.S. House during yesterday’s primary elections.

🐁 Three people sick with hantavirus have been evacuated from the cruise ship where a deadly outbreak is ongoing. 

✋ Commerce Secretary Howard Lutnik will testify before the House Oversight Committee today to discuss his relationship with Jeffrey Epstein.

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Protect Your Data TODAY'S TOPLINES

Futures on fire. A decade-long legal battle over Americans’ 401(k) savings and high-risk “alternative” investments has culminated in a case currently before the Supreme Court. In 2015, employees of Intel Corporation sued the firm, claiming their retirement savings were mishandled thanks to risky, high-fee investments in hedge funds and private equity. Last week, the Consumer Federation of America joined AARP and other advocacy groups in urging justices to overrule a lower court decision in the case, arguing it would block legitimate lawsuits under the Employee Retirement Income Security Act of 1974.

📉 That lower court ruling “create[s] a false impression that certain investment strategies are appropriate [for employer-sponsored retirement plans] when they are not,” advocates argue.

📜 Recently, in another case, the Supreme Court unanimously supported workers’ right to take legal action against employers for investing their 401(k) savings in high-fee funds.

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