Compliance

PANC 2019: Washington Update

Experts discuss changes that will affect advisers, such as Reg BI, the new Customer Relationship Summary form and the DOL, post-Secretary Acosta.

ERISA Litigation as Cottage Industry

“The plaintiffs’ lawyer playbook is the same,” says Brian Netter of Mayer Brown. “First, survive a motion to dismiss, and then subject the defendant to a very expensive discovery process. It creates incentive to enter into a sizable settlement.”

Fiduciary Advisory Firms Sue to Block SEC’s Reg BI

Two advisory firms argue they are harmed by the “best interest” rule because it causes them a competitive disadvantage with respect to broker/dealers, and because the rule will increase rather than abate investor confusion.

Greystar Asks Court to Compel Arbitration in ERISA Suit

The move by Greystar comes after the 9th U.S. Circuit Court of Appeals issued a ruling that Schwab could enforce its retirement plan’s arbitration clause requiring participants to file individual claims and to waive class-action claims.

Hospital System Wins Ruling on Governmental Plan Status

The complaint said Atrium has never satisfied the Federal law definition of a government of a state, a government of a political subdivision, or an agency or instrumentality of such and, therefore, its benefit plans do not qualify as ERISA-exempt governmental plans.