That is what Ronald Kilgard of Keller Rohrback says about the wave of post-Enron litigation against 401(k) plan sponsors under ERISA. This article–“Send in the Lawyers: Ethical Lapses Spawn Fiduciary Lawsuits”–for Defined Contribution News discusses the lack of staffing at the DOL and reports why the DOL has seemed to focus on filing amicus briefs in the cases, instead of filing its own actions. The article reports Steven Saxon, a partner in the Groom Law Group, as saying the DOL “doesn’t have the staffing to do its own cases” so that they have “made a decision to expend resources in appellate work…to have an impact when they file an amicus.”
See yesterday’s post here for additional articles on the subject.