Tag: Fiduciary

The new regulations, which go into effect on March 6, will require broker/dealers and their agents to provide investment advice and recommendations 'without regard to the interests of anyone but the customer.'

After 15 years of litigation, a new ruling has been filed in the case by the U.S. 2nd Circuit Court of Appeals, remanding the case once again to a lower court.

Supporters of the Massachusetts proposal say the state-based regulations will be far more effective in tamping down on brokerage industry conflicts of interest compared with the national Regulation Best Interest.

A wide-ranging ERISA fiduciary breach complaint suggests the firm failed to adequately monitor fees and permitted unnecessary, excess fees on the investment menu.

Two advisory firms argue they are harmed by the “best interest” rule because it causes them a competitive disadvantage with respect to broker/dealers, and because the rule will increase rather than abate investor confusion.

A District Court has affirmed most of the recommendations made by a Magistrate Judge, who previously issued a memorandum concluding the ERISA fiduciary breach case should proceed.

Plaintiffs says defendants failed to properly monitor and control the plan’s expenses, and allowed the plan to become one of the most expensive “jumbo” 401(k) plans in the country.

The Investment Adviser Association says the SEC’s proxy voting guidance will increase costs for advisers and also increase barriers to entry for proxy advisory firms.  

Retirement plan fiduciaries at Intel are accused of exposing investors to bets on speculative areas of the markets.

As a general rule, “Doe pleading” is disfavored in federal court. However, the practice is not entirely forbidden, particularly where the identities of alleged defendants are unknown.

New York’s expanded “best interest” standard took effect on August 1st for annuity contracts and will take effect February 1, 2020, for life insurance policies. In a new decision, the New York Supreme Court calls the expansion “a rational and reasonable movement towards consumer protection.”

PCS and Aspire, both founded nearly two decades ago with the common goal of providing specialized services to investment fiduciaries, will join together to achieve the benefits of scale in an increasingly competitive marketplace. 

The Financial Services Institute and the Insured Retirement Institute have both published open letters opining against ambitious conflict of interest regulations proposed in the state.