News & Analysis as of

Fiduciary Duty Fiduciary Rule Biden Administration

Nossaman LLP

Relying on Loper, Fifth Circuit Sends Chevron-based decision Back to District Court, calling ESG Rule into Question

Nossaman LLP on

On July 18, the U.S. Court of Appeals for the Fifth Circuit (“Fifth Circuit”) vacated a decision by the U.S. District Court for the Northern District of Texas (“District Court”) that upheld the U.S. Department of Labor’s...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Biden administration to implement Trump Fiduciary Rule

In what I consider a surprise move, the Department of Labor (DOL) announced that it will allow a Trump-era exemption for investment advice fiduciaries to move forward. ...more

Morgan Lewis

ERISA Fiduciaries Under a Biden Labor Department: What Is on the Horizon?

Morgan Lewis on

President Joe Biden has been in office for 34 days and his nominee for Secretary of Labor, Marty Walsh, has not yet been confirmed. So far, Mr. Walsh has not publicly stated much regarding his views or intended priorities...more

Proskauer - Employee Benefits & Executive...

Biden Administration Requests Review of DOL’s Final “ESG” Rules for ERISA Fiduciaries – What Does that Mean for the DOL’s Final...

On October 30, 2020, the U.S. Department of Labor (the “DOL”) issued a final rule on “ESG” investing which requires ERISA plan fiduciaries to base investment decisions on financial factors alone, prohibits fiduciaries from...more

Dechert LLP

Will ERISA’s Fiduciary Exemption “Rollover” to the New Administration? DOL Issues Year-End Package Relating to “Investment...

Dechert LLP on

Overview The U.S. Department of Labor (the “DOL”) on December 15, 2020 issued a release (the “Release”) finalizing Prohibited Transaction Class Exemption (“PTCE”) 2020-2 (the “Final Exemption”) for retirement accounts...more

Bracewell LLP

What Labor Nominee Martin Walsh Means for the Future of the Fiduciary Rule

Bracewell LLP on

On January 7, 2021, President-elect Joe Biden named Boston Mayor Martin Walsh as his nominee for Secretary of Labor. Walsh’s nomination raises questions for the future of the Labor Department’s (“DOL’s”) “fiduciary rule,”...more

K&L Gates LLP

Trump Era DOL Rules - Will They Remain Under a Biden Administration?

K&L Gates LLP on

The Department of Labor (DOL) Employee Benefits Security Administration (EBSA) recently finalized a series of rules viewed as key Trump administration priorities. The rules include: Prohibited Transaction Exemption 2020-02,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Biden won’t get what he wants on deferrals

Articles about presidential nominees and their 401(k) proposals are always amusing because all they are, are proposals. Political reality always gets in the way of proposals....more

Snell & Wilmer

With a New Administration, Will the Department of Labor’s Fiduciary Rule Once Again be Revised?

Snell & Wilmer on

The Department of Labor’s (the “DOL”) attempts to regulate the conduct of fiduciaries under ERISA and the Code has been mired in controversy. In 2010, the Obama administration’s DOL proposed a fiduciary regulation that was...more

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