It didn’t take long for the news from Bear Stearns to draw the attention of the plaintiffs’ bar.
A federal judge in Pennsylvania has approved a $14 million settlement of a nine-year legal battle over allegations New York Life Insurance Co. improperly directed employees’ and agents’ retirement savings into its proprietary mutual funds.
California’s Attorney General and Capital Research and Management Company, the investment adviser to the American Funds family of mutual funds, have entered into an agreement to withdraw their three-year-old lawsuits against each other involving disclosure of broker revenue sharing agreements.
While it’s been a relatively mild winter here (and it’s not over yet), it’s been cold enough—and our house old enough—that opening the various utility bills has been akin to a monthly exercise in economic roulette.
The Internal Revenue Service (IRS) has issued new guidance regarding three areas of plan administration changed by the Pension Protection Act of 2006 (PPA).
The Securities and Exchange Commission (SEC) announced that Fidelity Investments agreed to pay an $8 million penalty in connection with charges 13 current or former employees improperly took more than $1.6 million in gifts by brokers.
The Securities and Exchange Commission (SEC) has proposed two new rules under the Investment Company Act to allow exchange-traded funds (ETFs) to operate without first getting SEC exemptive orders.
If you watch commercial TV (that is to say, TV with commercials), you’ve no doubt been struck by the proliferation of ads for various prescription medicines.
A new lawsuit has accused a group of insurance companies, consultants, and lawyers of conspiring to sell illegal tax shelters to employers for 412(i) plans by misrepresenting the potential risks of the pension funding arrangements.
Federal benefit regulators have proposed a new safe harbor for sponsors of smaller benefit plans that deposit employee contributions within seven business days.
FINRA (the Financial Industry Regulatory Authority) announced it has settled cases against five firms for improper mutual fund sales and supervisory violations.
Looks like James LaRue will get his day in court, after all.
The Financial Industry Regulatory Authority (FINRA) announced that Oppenheimer&Co. will pay a $250,000 fine for allegations related to market timing in 2003.
In a landmark ruling eagerly awaited by the retirement services community, the U.S. Supreme Court on Wednesday declared that defined contribution participants can bring fiduciary breach suits to recover individual damages.
The U.S. Supreme Court declined to review a case in which an appellate court determined a profit-sharing plan was not subject to spousal consent requirements of the Employee Retirement Income Security Act (ERISA) simply because it was made up of assets from other plans containing qualified joint&survivor annuity requirements.
A federal judge in Connecticut has joined with most of his colleagues around the country in ruling on a seven-year-old lawsuit that CIGNA Corp’s cash balance plan is not age discriminatory.
A Wisconsin Congressman has proposed a measure increasing small business incentives and reducing administrative requirements to start SIMPLE IRAs or 401(k) plans.
A federal judge in Missouri has determined that the fiduciary breach lawsuit over excessive fees and revenue sharing practices in ABB’s 401(k) plan, filed by the St. Louis-based law firm of Schlichter Bogard&Denton on behalf of the plan’s participants, can move forward.
A judge has dismissed a profit-sharing plan participant’s fiduciary breach suit against the plan’s broker because it was filed after the three-year statute of limitations required under the Employee Retirement Income Security Act (ERISA).
Because John Hancock Life Insurance Co. could be judged to have been a fiduciary for a law firm’s 401(k) plan, the plan’s trustee can continue with his fiduciary breach excessive fee lawsuit, a federal judge has ruled.