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Financial Services Industry Employee Benefits Fiduciary Duty

Carlton Fields

DOL Fiduciary Rule Saga Continues: 2024 Fiduciary Rule Halted by Texas District Courts

Carlton Fields on

The Federation of Americans for Consumer Choice v. Department of Labor case was the first case challenging the Department of Labor’s 2024 retirement security rule defining who is an investment advice fiduciary. It was...more

Hall Benefits Law

Major Differences Between DOL’s Proposed and Final ERISA Investment Advice Regulations

Hall Benefits Law on

The U.S. Department of Labor’s (DOL) final regulations broaden the definition of fiduciary under the Employee Retirement Income Security Act (ERISA) to include more investment advisors. However, the eight hundred pages of...more

Carlton Fields

The DOL Fiduciary Rule Is Here – Are You an Investment Advice Fiduciary?

Carlton Fields on

The Department of Labor’s final definition of “investment advice” fiduciary regulation makes many more individuals fiduciaries under both the Employee Retirement Income Security Act and the Internal Revenue Code. Where for...more

Polsinelli

New Final Department of Labor Rules on Investment Advice are Immediately Challenged in Court

Polsinelli on

The U.S. Department of Labor (“DOL”) recently issued final, new regulations (the “rules”) regarding who is considered an investment advice fiduciary that are slated to become generally effective on September 23, 2024, as well...more

Brownstein Hyatt Farber Schreck

Fiduciary Rule 4.0 Released

On April 23, the U.S. Department of Labor (DOL) published the “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” which makes changes to the definition of “ fiduciary” for purposes of the Employee...more

A&O Shearman

DOL Issues Final Rule Amending QPAM Exemption

A&O Shearman on

On April 3, 2024, the Department of Labor (DOL) released its final rule amending Prohibited Transaction Exemption 84-14 (PTE 84-14). PTE 84-14 exempts from ERISA’s prohibited transaction rules certain transactions between...more

Morgan Lewis

The ESG Investing Debate: 2023 Year-end Updates

Morgan Lewis on

Environmental, social, and governance (ESG) investing has been subject to increased US state and federal regulation over the last several years, and 2023 continued that status quo. As of January 1, 2024, 20 states have...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - New Federal Rule Aims to Hold Investment Advisors to a Higher Standard

Williams Mullen on

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt is joined by Ali Pino, a principal and retirement plan consultant with Spherient Advisors, who discusses the proposed Department of Labor rule...more

Troutman Pepper

DOL Proposed Rule: New Definition of "Investment Advice Fiduciary"

Troutman Pepper on

On October 31, the Department of Labor (DOL) released a proposed rule (the Proposed Rule) aiming to redefine and expand who qualifies as an “investment advice fiduciary” under the Employee Retirement Income Security Act of...more

Cadwalader, Wickersham & Taft LLP

Texas Federal Judge: DOL ESG Investing Rule Does Not Violate ERISA

On September 21, 2023, a Texas federal court dismissed an action commenced by more than two dozen Republican state attorneys general challenging a 2022 Department of Labor (DOL) Rule that addressed consideration of ESG...more

Cadwalader, Wickersham & Taft LLP

American Airlines Moves to Dismiss Suit Challenging Inclusion of ESG Funds in Retirement Plan

In August 2023, American Airlines, Inc. moved to dismiss a class action lawsuit filed against the airline for allegedly jeopardizing employees’ retirement savings by investing in environmental, social and governance (ESG)...more

Littler

Michigan Court Dismisses ERISA Class-Action

Littler on

Fiduciaries of 401(k) and other retirement plans continue to be targeted by class action lawsuits brought under the Employee Retirement Income Security Act (ERISA) challenging fiduciary decisions regarding investment options...more

Nossaman LLP

Federal Court Rejects States’ Challenge to DOL’s ESG Investing Rule

Nossaman LLP on

On September 21, 2023, a federal judge in Texas granted summary judgment in, and thus dismissed, a lawsuit filed by the Attorneys General of 25 states and other interested parties challenging a final rule issued by the U.S....more

Cadwalader, Wickersham & Taft LLP

Republicans Reintroduce House Bill to Limit ESG Considerations in Retirement Investing

On June 21, two Republican members of Congress renewed efforts to enact legislation that arguably would restrict investment managers from taking into account ESG considerations in investing on behalf of retirement funds. U.S....more

Littler

Federal Court Dismisses Case Alleging Breach of ERISA Fiduciary Duties in 401(k) Class Action

Littler on

Fiduciaries of retirement plans continue to be plagued by class actions brought under the Employee Retirement Income Security Act (ERISA) challenging their fiduciary management of investment options and participant fees. A...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

SeaWorld Litigation will continue

A class action lawsuit brought by former SeaWorld employees that alleged participants in the SWBG LLC 401(k) plan were harmed will continue. The former employees’ arguments sustained the fiduciary breach of the duty of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Fees need to be benchmarked

Competing plan providers hear it all the time from prospective clients all the time, about how their current provider would never overcharge them. Unless a plan sponsor benchmarks the fee they are being charged (which is...more

Groom Law Group, Chartered

District Court Vacates DOL Interpretation of Investment Advice

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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The thing about ESG

While the Biden administration’s Department of Labor (DOL) final environmental, social, and governance (ESG) rule went into effect, I think it’s much to do about nothing....more

Groom Law Group, Chartered

DOL Reopens Comment Period for Voluntary Fiduciary Correction Program Changes

The Department of Labor (“DOL”) recently announced (88 Fed. Reg. 9408, Feb. 14, 2023) that it will reopen the public comment period on proposed amendments to DOL’s Voluntary Fiduciary Correction Program (“VFCP”) and its...more

A&O Shearman

DOL Finalizes ESG Rule for ERISA Plan Fiduciaries

A&O Shearman on

The Department of Labor (the DOL) has released its final rule clarifying how and when ERISA fiduciaries may consider ESG factors in making investment decisions for a plan. The rule also offers substantial guidance on the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL releases final ESG Rule

On November 22, the Department of Labor (DOL) released its final rule for retirement plan fiduciaries wishing to incorporate environmental, social, and governance (ESG) factors into their investment selection and monitoring...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL proposes VFCP self-correction

The Department of Labor’s Employee Benefits Security Administration (EBSA) proposed updates to their Voluntary Fiduciary Compliance Program (VFCP), which would allow a self-correction component. The EBSA proposal includes a...more

Cadwalader, Wickersham & Taft LLP

DOL Issues Final Rule Amending Investment Duties Regulation – Provides New Guidance on Consideration of ESG Factors in Plan...

On November 22, the United States Department of Labor (“DOL”) released its final rule (the “Final Rule”) adopting certain revisions to its investment duties regulation under ERISA at 29 CFR Section 2550.404a-1 (the “Section...more

Cadwalader, Wickersham & Taft LLP

DOL Warns Sponsors against Permitting Cryptocurrency-Related Investments on 401(k) Plan Investment Menus

The U.S. Department of Labor (“DOL”) last month issued Compliance Assistance Release No. 2022-1 - 401(k) Plan Investments in “Cryptocurrencies” (the “Release”) in which it strongly cautions ERISA plan fiduciaries to use...more

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