Vail Resorts Wins Dismissal of ERISA Fiduciary Breach Lawsuit
The Vail Corp. has skied past a fiduciary breach lawsuit, which was dismissed with prejudice in a detailed ruling.
Compliance
401(k) Plan Administrator Sues VALIC Over Surrender Fees Charged to Plan
The insurer is charged with engaging in a prohibited transaction under ERISA when the fees were charged during a move to a new provider, as well as with self-dealing.
Plaintiffs Petition SCOTUS in Wells Fargo Stock-Drop Litigation
The plaintiffs’ plea to the Supreme Court questions the precedents set by Fifth Third v. Dudenhoeffer—a 2014 high court ruling that significantly raised the pleading standards for ERISA stock-drop lawsuits.
$30 Million Settlement Reached in Lawsuit Over DB Plan Funding
The case concerns the St. Joseph Health Services of Rhode Island Retirement Plan, which the lawsuit says failed to be a 'church plan' under ERISA.
Biden Administration to Nominate Marty Walsh as Secretary of Labor
The second-term mayor of Boston is known for fighting for a higher minimum wage and for being a long-term union member who is outspoken about the role of collective labor in the U.S. economy.
Allstate Faces Additional ERISA Fiduciary Breach Lawsuit
A new complaint filed in Illinois echoes allegations leveled against the insurance company in a complaint from November.
Key DOL Prohibited Transaction Exemption Considerations
Everyone is initially eligible for the DOL’s new prohibited transaction exemption, though the regulator reserves the right to suspend eligibility for up to 10 years after certain violations.
SEC Deregulations Diminish Investor Protections, Office of the Investor Advocate Says
The office is also calling on the SEC to establish an ESG framework.
DOL Reconsiders Who Can Be Considered a Fiduciary
This makes its new prohibited transaction exemption all the more important, according to attorneys with Groom Law Group.
Roisman Named Acting SEC Chair With Clayton’s Exit
While stakeholders wait for the announcement of President-elect Joe Biden’s pick, the U.S. Securities and Exchange will be kept on a ‘steady course’ under Elad Roisman's interim leadership.
Stimulus Bill Extends Some Provisions of the CARES Act
It also provides a way for retirement plan sponsors to avoid a partial plan termination.
A Few Important Points About the DOL’s Fiduciary Actions
Among other important developments, the Department of Labor has confirmed that one cannot simply write their way out of a functional fiduciary relationship.
IRS Extends Relief From Physical Presence Requirement
The physical presence requirement for spousal consents and participant elections under qualified retirement plans will be lifted through June 30.
Voya Settles With SEC for $23M on Charges of Misleading Advice
The advice concerned mutual funds, illiquid alternative investments and cash sweep vehicles.
SEC Finalizes Digital Advertising Rule Reforms
The SEC’s leadership says the updated marketing rule reflects important changes to the traditional advertising and solicitation regulations, which have not been amended for decades.