On April 23, 2024, the U.S. Department of Labor (“DOL” or “Department”) issued a final regulatory package amending its fiduciary investment advice regulation and revising numerous existing prohibited transaction exemptions...more
Does combining a recommendation to take a rollover from a retirement plan with post-rollover advice mean that advice is being provided on a “regular basis” under the Department of Labor’s (“DOL”) five-part test for fiduciary...more
A September 27, 2022 decision by the Southern District of New York addresses several key theories recently advanced by the plaintiffs’ bar in ERISA-based lawsuits against plan service providers. In Carfora v. TIAA, S.D.N.Y....more
On October 25, 2021, the Department of Labor (“DOL”) issued Field Assistance Bulletin 2021-02 announcing...more
On April 13, 2021, the Department of Labor (“DOL”) issued a set of Frequently Asked Questions (“FAQs”) on the DOL’s new class exemption for the provision of investment advice, known as Prohibited Transaction Exemption (“PTE”)...more
On June 29, the U.S. Department of Labor (“DOL”) proposed a new exemption from the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) in connection with the...more
7/6/2020
/ Best Interest Contract Exemptions ,
Best Interest Standard ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Duty ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
Proposed Rules ,
Securities and Exchange Commission (SEC) ,
Vacatur
In Thole v. U.S. Bank, the Supreme Court held that defined benefit plan participants who are receiving their full pension benefit lack constitutional standing to bring a lawsuit alleging that the plan fiduciaries breached...more
6/8/2020
/ Article III ,
Breach of Duty ,
Defined Benefit Plans ,
Duty of Loyalty ,
Duty of Prudence ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Injury-in-Fact ,
Investment Adviser ,
Mismanagement ,
Pensions ,
Plan Participants ,
Retirement Plan ,
SCOTUS ,
Standing ,
Thole v U.S. Bank
On January 10, 2020, the staff of the Securities and Exchange Commission (“SEC”) updated its frequently asked questions on Regulation Best Interest (the “FAQs”).
...more
1/16/2020
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Executive Orders ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment Adviser ,
Investment Management ,
New Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Standard of Conduct ,
Trump Administration