
6th Circuit Ruling Revives Parts of TriHealth ERISA Lawsuit
The district court ruling in the case granted full dismissal of the excessive fee lawsuit, but the 6th Circuit has now reversed parts of the ruling and remanded the case for further litigation.
Salesforce Defeats ERISA Excessive Fee Litigation
A district court in California has proven to be skeptical of claims suggesting that active management funds are categorically imprudent retirement plan investments; the ruling also defends the use of revenue sharing.
RBC Capital Markets Consents to SEC Share Class Sanctions
The firm is accused of disadvantaging certain retirement plan and charitable organization brokerage customers by failing to recognize and act on the fact that they were eligible for less expensive share classes.
Share Class Issues, Churning Drive Securities Settlement
A settlement secured by Massachusetts financial market regulators from Janny Montgomery Scott underscores the importance of monitoring the share class recommendations being made to clients.

Legislative and Judicial Actions
J.P. Morgan Settles Share Class Upcharge Challenge from SEC
The SEC says the firm disadvantaged certain retirement plan customers by failing to provide them with less expensive share classes for which they were eligible.
MSSB Share Class Calculator Errors Led to SEC Settlement
According to the SEC, Morgan Stanley Smith Barney’s share class calculator had two operating errors that caused it not to provide the most beneficial share class to eligible customers; the firm was also accused of not consistently providing this benefit to certain eligible clients.
FINRA Voya Censure Highlights Share Class Pitfalls
In censuring the firm, FINRA highlights the important fact that Voya demonstrated “extraordinary cooperation” and had initiated its own investigation and correction program prior to involvement by regulators.
Make the Most of FINRA’s 529 Share Class Disclosure Initiative
FINRA is encouraging firms to undertake a qualitative review of their supervisory practices ranging back to 2013—not a full quantitative analysis of individual 529 plan transactions or recommendations.
After Grace Period, SEC Share Class Disclosure Investigations Begin
Attorneys warn the “other shoe has dropped” in the SEC’s special Share Class Disclosure Initiative—and RIAs that did not self-report potential 12b-1 fee disclosure violations are now being investigated.