Lessons from Litigation: Process Matters Most
When it comes to fiduciary liability insurance, having the broadest possible statement of coverage is generally best; this is because it is a functional test for determining whether...
Tag: Fees
Reflections on a Dramatic Year for Retirement Plan Regulation
From the unexpected derailment of the DOL fiduciary rule to the expanding debate about so-called ‘open MEPs,’ your plan sponsor clients face a tremendous amount of uncertainty in...
Partial Summary Judgement in Deutsche Bank Self-Dealing ERISA Suit
In a detailed ruling, the Deutsche Bank defendants’ motion for summary judgment is granted with respect to certain prohibited transaction claims, but denied with respect to other breach...
Northwestern University 403(b) Lawsuit Tossed By District Court
Defendants strongly prevailed with their motion to dismiss, and the Illinois District Court barred further motions as moot: The complaint was far too general in its scope and...
Skill in Fiduciary Discretion Discussions Brings Lots of Low-Hanging Fruit
Independent advisory shop founder Joe Gordon talks about winning new plan business from brokers and bank advisers who are “seriously fumbling the discussion with clients about fees and...
Opportunities Exist, But Future of CITs in 403(b) Plans Remains Murky
Higher education clients with very large 403(b) plans could theoretically benefit from new laws or regulations allowing them to invest participant assets through collective trust vehicles, but for...
When a Downward Trend in the Average Deferral Rate Is a Good Thing
Chris Barlow, national director of defined contribution investments for BMO GAM, riffs on the results of a new “DC Conversations” industry assessment; among the top findings is a...
ERISA Attorneys Help Digest DOL’s ‘Confusing’ Fiduciary Rule FAB 2018-02
Expert attorneys warn the new non-enforcement policy binds only the DOL and IRS; state regulators and private plaintiffs could potentially seek to bring an action for alleged non-compliance...
Aon Hewitt Investment Consultants, Lowe’s 401(k) Plan Latest Target of ERISA Lawsuit
Aon Hewitt Investment Consulting and Lowe’s are being sued by the participants of the Lowe’s 401(k) retirement plan; the proposed class of plaintiffs puts forward a variety of...
Breaking Down Fiduciary Uncertainty for Plan Sponsor Clients
Backing away from the topic of the DOL fiduciary rule, ERISA attorney Fred Reish focused his speech at the Plan Sponsor Council of America’s national conference on general...
SEC Issues FAQs About Share Class Selection Disclosure Initiative
If an adviser reduced their fee due to the receipt of 12b-1 fees, the SEC might not ask for any disgorgement; for instance, the SEC says, if an...
SEC Signals Start of Formal Broker Fiduciary Rule Examination
Nearly a month after an appellate court unexpectedly quashed the DOL fiduciary rule expansion, the Securities and Exchange Commission has announced a date and time for its first...
Launch of Stradley Ronon Fiduciary Governance Group Reflects Litigation Trends
Amid a glut of retirement plan industry litigation and regulatory change, advisers are asking the twin questions of whether one owes a fiduciary duty to their client, and...
Mercer TDF Analysis Highlights Passive Growth, Home Equity Bias
In its discussions with TDF managers, Mercer has found many managers say they have not aligned with the ACWI, and have continued with portfolios that display home equity...
Broker/Dealers Must Move to Support True Financial Planning
More than 60% of advisers polled by Cerulli Associates agree that client demand for “financial planning” is increasing; at the same time, broker/dealers are refining their digital planning...
With DOL Fiduciary Expansion Faltering, CFP Board Requires Best Interest Service
The Certified Financial Planner Board of Standards has adopted a revised ethics code that requires a CFP professional to act as a fiduciary in all client service contexts,...
DOL Fiduciary Rule Ambiguity Mustn’t Derail Quality Client Service
With so much uncertainty now overhanging the future of the DOL fiduciary rule expansion, the onus is squarely on advisers, broker/dealers and recordkeepers to decide how they will...
District Court Dismisses ERISA Lawsuit Targeting Aon Hewitt, Financial Engines
Plaintiffs suggested plan fiduciaries permitted excessive fees to be paid, leading to improper provider kickbacks; a district court judge has summarily dismissed the allegations for failing to state...
Morningstar and Prudential Win RICO Suit Dismissal
The unsuccessful challenge was viewed as somewhat unique amid the glut of retirement industry litigation because it cited the Racketeer Influenced and Corrupt Organizations Law of 1970, known...
Will SCOTUS Decide the Fate of the DOL Fiduciary Rule?
Some ERISA attorneys argue the Fifth Circuit decision last week to vacate entirely the DOL’s fiduciary rule expansion makes a Supreme Court decision on the matter inevitable; others...