Tag: Fiduciary

The lawsuit makes sweeping claims about conflicts of interest in the defined contribution retirement plan industry, suggesting financial services companies deserve extra scrutiny.

Among foundations, that is 64%, according to a Callan report.

Regulation Best Interest lays out the core loyalty and disclosure duties of advisers and broker/dealers—and how these can be satisfied.

According to the court, the consolidated complaint “pleads no facts sufficient to raise a plausible inference that defendants took any of the actions alleged for the purpose of benefiting themselves or a third-party entity.”

At the heart of the complaint were guaranteed investment contracts, a type of group annuity contract sold to retirement plans, issued by Principal to ERISA-covered retirement plan participants.

To this day, one of the most common reasons plan sponsors turn to advisers is to get assistance with governance, including items such as putting in processes that help avoid litigation and running an efficient committee meeting.

A Maryland business owner will serve one year and one day of imprisonment and pay more than $350,000 in restitution for violations of the Employee Retirement Income Security Act.

Advisers interested in participating are called on to submit info electronically.

In response to staff and client feedback, and in the wake of the defeat of the DOL fiduciary rule, the firm is taking steps to reintroduce use of commission-based products for retirement account clients.

Echoing its original ruling, the district court’s second take concludes the lead plaintiff’s underlying allegations do not provide “more than a sheer possibility that a defendant has acted unlawfully.”

Beyond the nearly $22 million in monetary terms, the settlement agreement includes substantial prospective relief to be provided by Deutsche Bank.

New at this year’s conference, advisers will have the ability to earn their PLANSPONSOR Retirement Professional designation while in attendance, and we are particularly excited for our opening evening speaker, the award-winning comedian and actor Jason Alexander.

An interim ruling in the fiduciary breach case of Barrett vs. Pioneer Natural Resources, in which elements of the defendants’ motion to oppose class certification failed at the same time the lead plaintiff failed to prove standing, highlights the complex nature of retirement plan lawsuits.

The letter also asks that until guidance is provided, for the DOL to stop issuing letters that allege an employer has committed a breach of fiduciary duty with respect to the practices utilized to locate missing retirement plan participants.

In this case, the alleged knowledge of an artificially high stock price was rooted in the fact that the company had not disclosed that employees of its foreign subsidiaries had violated the Foreign Corrupt Practices Act of 1997 by paying bribes to foreign government officials.

The decision by the U.S. District Court for the Central District of California is short and to the point, stretching just 15 pages and ruling only weakly in favor of the AT&T defendants’ motion to dismiss by allowing room for an amended complaint.

With the judicial defeat of the Obama-era DOL fiduciary rule hanging in the air, individual states are moving to establish their own best interest regulations for the sale and service of investment products; attorneys warn that more piecemeal regulation is likely, as are lawsuits to test some complex ERISA preemption issues.