“Warren Buffett doesn’t pay retail and neither should an employee of a large company 401(k) plan,” said Jerry Schlichter, the attorney representing Glenn Tibble and other participants in the Edison 401(k) plan.
But Edison has argued that under the federal law’s statute of limitations, plan participants can only sue based on funds that have been in the plan six years or less. As a result, it said that it couldn’t be held liable for three of the six funds in question, since they had been in the plan since 1999 and the lawsuit wasn’t filed until 2007.
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