Compliance

ERISA Litigation Insights From LexisNexis

Some 83,000 lawsuits have been filed under the Employee Retirement Income Security Act in federal district court since 2009, according to Lex Machina, a LexisNexis company; fewer than 2% of cases proceed to trial.

UBS Sued Over Alleged RMBS Misrepresentations

UBS says it intends to rely on certain facts to defend itself; for one, that it suffered massive losses on U.S. mortgage-related assets, including the residential mortgage-backed securities (RMBS) cited in the complaint, negating any inference of fraud.

SEC Publishes Favorable CRS Form User Testing Results

SEC worked with RAND Corporation to test the efficacy of its mock Customer Relationship Summary form, a key part of the broader Regulation Best Interest proposal; the positive findings differ from reports commissioned by investment industry advocacy groups.

Celebrating 40 Years of the 401(k)

"As we take a moment to celebrate the strong foundation and accomplishments of the system, let’s also recognize the opportunities we have to help even more employers and workers take advantage of important 401(k) benefits,” said Charlie Nelson, CEO of Retirement and Employee Benefits at Voya Financial, at an event marking the milestone.

Putnam to Seek Supreme Court Input on Burden of Proof

Putnam Investments has asked for a stay in a case accusing it of self-dealing in its 401(k) plan so it can petition the U.S. Supreme Court regarding whether a plaintiff or an accused fiduciary has the burden of proving whether or not an ERISA fiduciary breach caused a loss.