The appeals court has technically affirmed, vacated and reversed parts of a district court ruling that granted summary judgement against the plaintiffs; while this sounds like a mixed outcome, the appellate ruling benefits the defense.
The firm is accused of failing to take sufficient steps to monitor customer accounts for further payments to a former adviser—himself accused of substantial wrongdoing—whose registration last lapsed in 2014.
The Land O’Lakes defendants’ motion to dismiss the suit based on a lack of subject matter jurisdiction and failure to state a plausible claim succeeded only in part, setting the stage for either a full trial or mediation and settlement.
Plaintiffs in a lawsuit filed in Tennessee say their adviser never disclosed that he received a commission on the sale of certain life insurance products and allegedly made substantial misrepresentations about how client dollars were being used.
No matter if an adviser is a flat-fee registered investment adviser or a commission-based broker/dealer, the DOL says the collection of compensation related to rollover guidance is almost always going to be a prohibited transaction, triggering the need for an exemption.
The same attorney that is representing employees of Caesars Entertainment in a self-dealing lawsuit filed in May against Russell Investments has signed onto a similar case put forward by participants in Royal Caribbean Cruises’ retirement plan.
Plaintiffs in a new ERISA lawsuit say Caesars Entertainment allowed Russell Investments to pack its plan with proprietary investment options, to the disadvantage of plan participant outcomes.
It gives sponsors a way to document the fiduciary oversight process.
Witnesses at a retirement security hearing held Thursday by the Senate HELP Committee all spoke about the central importance of closing the defined contribution plan coverage gap.
The plan features a professionally managed investment lineup and fiduciary services.
Drawing on their collective decades of experience working inside and outside the DOL, a panel of expert ERISA attorneys convened this week by Faegre Drinker had a lot of timely lessons to share regarding investigations of investment advisers.
This is meant to help retirement investors, employee benefit plans and investment advice providers.
Since being named the 2018 PLANSPONSOR Mega Team Retirement Plan Adviser of the Year, the practice’s assets under advisement have doubled.
The full Senate voted Monday evening to approve the nomination of Boston Mayor Marty Walsh to lead the U.S. Department of Labor at critical time for the U.S. economy and its workforce.
The new center aims to create master’s and Ph.D. programs with a concentration in fiduciary responsibility.
The financial services company is facing self-dealing allegations that closely echo those filed—with mixed results—against many of its industry peers.
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.