Related self-dealing claims made against other national financial services providers by participants in their own retirement plans have met varying degrees of success.
In the coming days, the agency will publish related guidance for retirement investors, employee benefit plans and investment advice providers.
The decision means the fiduciary breach lawsuit filed against the Land O’Lakes dairy company will keep churning through the courts—or potentially reach a pretrial settlement.
The underlying lawsuit involves claims that plan fiduciaries failed to adequately protect a participant’s account, allegedly resulting in the theft of funds.
The labor secretary nominee spoke proudly of his labor roots and his ties to Boston, while responding to varied questions about the DOL’s important mission.
The $800 million retirement plan in question is used by participants dispersed across 65 independent U.S. Coca-Cola bottlers.
Sources say Marty Walsh’s long-term ties to organized labor will likely be a main topic of discussion at the forthcoming confirmation hearings, but pension issues and retirement security are also likely topics.
Similar complaints have met different fates in the courts, based largely on the degree to which judges feel the preliminary case documents sufficiently allege that imprudent or disloyal actions may have occurred.
Among the more telling chapters in Gensler’s biography is his work helping to draft the Sarbanes-Oxley Act as a senior adviser to former U.S. Senator Paul Sarbanes in the wake of the Enron scandal.
The ruling states there are genuine disputes of material facts as to make summary judgement, whether in favor of the plaintiffs or the defense, inappropriate at this time.
The Vail Corp. has skied past a fiduciary breach lawsuit, which was dismissed with prejudice in a detailed ruling.
A new complaint filed in Illinois echoes allegations leveled against the insurance company in a complaint from November.
The firm has seen its assets nearly double in only a few years, which senior partner Mike Volo says is a testament to the group’s quality team.
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.
This makes its new prohibited transaction exemption all the more important, according to attorneys with Groom Law Group.
Among other important developments, the Department of Labor has confirmed that one cannot simply write their way out of a functional fiduciary relationship.
The final rule confirms the reinstatement of the traditional five-part test for determining fiduciary status, though it does not definitively state that advice regarding IRA rollovers necessarily triggers fiduciary status.