Litigation Financing Could Drive 10b-5 Lawsuits
Attorneys suggest that litigation financing is not a common practice in ERISA lawsuits, but complaints filed under SEC Rule 10b-5...
Compliance
Neuberger Berman ERISA Complainants Get Another Chance
The text of the decision highlights that Federal Rule of Civil Procedure 15 provides that a court may permit a party to amend its pleadings “when justice so...
DB Plan Sponsors Must Include More Information in Reportable Events Filings
Controlled group information, company financial statements, and the defined benefit (DB) plan’s actuarial valuation report; some of all of this information will be added to five reportable events.
PBGC Submits Updated Proposal for Determining Whether Plans Covered by ERISA
The agency explains that, in limited situations, employers will be able to use the soon-to-be issued coverage forms to request an opinion letter about whether a plan being...
Archdiocese Accused of Filing for ‘Church Plan’ Status to Avoid Pension Funding
Rather than filing an Employee Retirement Income Security Act (ERISA) action in federal court, the plaintiffs filed the complaint in state court alleging the Archdiocese of Newark violated...
Eaton Vance to Pay $3.45 Million to Settle 401(k) Self-Dealing Lawsuit
Nothing in the settlement agreement calls for Eaton Vance to make any changes to its investment menu for the plan.
Plaintiffs in University of Pennsylvania 403(b) Suit Get Second Chance
An appellate court revived two claims in the lawsuit that had been previously completely dismissed by a District Court, but in a dissenting opinion, one judge expressed concern...
AXA Fined for Misrepresentations About Bond Funds
FINRA claims AXA Advisors sent disclosures to 401(k) plan sponsors and participants that misrepresented the credit quality of bond funds with group annuity accounts.
Rep. Fudge Grills DOL Secretary on Fiduciary Rule Foot-Dragging
During an exchange on Capitol Hill on Wednesday, the Democratic representative from Ohio pressed DOL Secretary Alexander Acosta for details on how the regulator is addressing advisory industry...
IRS Expands Determination Letter Program
Hybrid plans and merged plans can now request a determination letter.
Upcoming Impactful Regulations in the Retirement Industry
The latest legislation to affect retirement planning in 2019 and beyond.
Unlike SEC’s Approach, New Jersey Fiduciary Regs Have Teeth
The state’s former securities chief says recently issued fiduciary regulations have been crafted in the interest of aggressively tamping down on conflicts of interest in the financial services...
Vanderbilt Settlement Agreement Prohibits Data-Based Cross Selling
Plan fiduciaries have agreed to prohibit service providers from using data generated in serving the plan to market or sell unrelated products to Vanderbilt 403(b) plan participants.
Advisory Firm Wins Partial Summary Judgement in Mixed ERISA Ruling
The advisory firm of Slocum & Associates will not face class-action claims and has prevailed on some summary judgement arguments, but the ruling allows certain individual claims to...
Settlement Agreement Reached in Dignity Health Church Plan Suit
Details of the settlement agreement will be available by approximately May 15.