PANC 2022: Reg BI Compliance Tips From the SEC
The enforcement of Regulation Best Interest is currently one of the major projects at the Securities and Exchange Commission.
Compliance
Senator Calls for Confirmation Vote on Assistant Secretary of Labor Nominee
Senator Patty Murray takes the 48th anniversary of ERISA to emphasize the importance of having a proper secretary to oversee...
Senate Finance Committee Proposes Final Text for EARN Act
The fully amended bill clarifies the Senate's position on retirement reform, as the Senate and House approach a final deal expected late this year.
3rd Circuit Backs J&J in Stock-Drop Appeal
A new order emphasizes that a stock-drop plaintiff must do more than allege a general economic theory of why earlier...
Judge Rejects Chamber’s Commentary in ERISA Suit
The court rejects the defense’s motion to dismiss the case, but denies the U.S. Chamber of Commerce’s bid to submit...
DOL Extends Comment Period, Sets Hearing on QPAM Exemption Amendment
The complexity of the proposed reforms to the qualified professional asset manager exemption has given some experts pause.
DOL Sues Couple, Alleges They Lost Millions in Profit-Sharing Plan
A prominent New Jersey couple faces allegations that they invested plan assets in companies in which they had significant financial...
DOL Updates Guidance on Audit Independence Rules
Labor Department leadership says the update is designed to expand retirement plans’ access to highly qualified auditors and audit firms.
District Court Rejects Cross-Selling Claims in Mixed ERISA Ruling
Much of the ruling sides with plaintiffs and permits the case to move to discovery, but the defendants successfully defeat...
Union Pension in Puerto Rico Latest to Receive PBGC Relief
With its latest relief payment, the Pension Benefit Guaranty Corporation has now distributed more than $7.5 billion to stressed union...
Plaintiffs Say 401(k) Plan Omitted Target-Date Funds Among Problems
The target of a new Employee Retirement Income Security Act is a plan sponsor with more than 20,000 participants that ‘periodically’ reviewed the plan’s investment options to ensure...
Plaintiffs Allege AME Church Plan Agreed to ERISA Status
The consolidated class action complaint suggests the church plan at issue is an ERISA plan because the summary plan document...
Global Insurance Firm Latest to Face ERISA Litigation
The plaintiffs claim familiar allegations pertaining to excessive recordkeeping and administrative fees.
Marmon Holdings Faces Latest Capozzi Adler Complaint
As in many prior ERISA cases, the plaintiffs allege their DC plan fiduciaries breached their duties by failing to adequately...
SEC, CFTC Propose New Private Fund Industry Reporting Changes
Regulators cite the increased complexity of the private fund industry and rapid growth for need to amend confidential filing rules.
7th Circuit Issues Key Stock Drop Decision in Boeing Max Case
One expert attorney says the decision has particular importance to plan sponsors and fiduciaries who have employer stock as an...
IRS Private Letter Ruling Addresses DB-to-DC Asset Transfer
While it applies only to the immediate case, the IRS’ approval of a transfer of excess assets from a terminating...
Plaintiffs Firms Must Pay $1.5 Million for ‘Reckless’ Litigation
A judge has determined that two law firms, Schneider Wallace Cottrell Konecky LLP and Schlichter Bogard & Denton LLP, are...
SEC Flexes Regulatory Muscle with RIAs, Brokers in Focus
The SEC is warning advisers and broker/dealers that it is time to tighten up policies around conflicts of interest and...
Dover Corporation Faces ERISA Suit Over Managed Account Fees
The proposed class action lawsuit challenges excessive managed account fees and the retention of Financial Engines, the managed account service...