The Supreme Court held that a plan cannot recover plan overpayments from a participant’s General Assets where the proceeds from a settlement had been dissipated on nontraceable items.

Document Excerpt

We hold that, when a participant dissipates the whole settlement on nontraceable items, the fiduciary cannot bring a suit to attach the participant’s general assets under §502(a)(3) because the suit is not one for“appropriate equitable relief.”

Link
http://www.supremecourt.gov/opinions/15pdf/14-723_1bn2.pdf