Compliance
DOL Announces Fiduciary Responsibilities Seminar in Louisiana
The event will be held in Metairie, Louisiana, on April 11.
FINRA Rep Monitoring Rule Change Could Trigger RIA Compensation Renegotiation
The regulator is reassessing its requirements for RIAs to monitor the outside business activities of their reps; one experts argues it is likely that, if the final rule...
Georgetown University Targeted by Familiar ERISA Breach Allegations
Plaintiffs argue it was inappropriate to allow three recordkeepers to supply the plans with a separate menu of investment choices, including mutual fund share classes that charged higher...
Adviser Off the Hook in NYU 403(b) Plans Case
While dismissing a new complaint in the litigation about excessive fees in NYU's 403(b) plans, a federal judge also denied summary judgment in the original complaint, moving the...
Court Finds Transamerica Not a Fiduciary in Fee Case
The same group of plaintiffs previously filed a lawsuit against John Hancock with similar allegations and a similar result.
Plaintiffs Won the Balance of ERISA Class Certification Motions in 2017
The number of Employee Retirement Income Security Act lawsuits winning class certification in 2017 far outstripped the number of suits within which class action status was denied; attorneys...
IRI Issues Retirement Security Blueprint
The detailed report is aimed at expanding opportunities to save and increasing access to lifetime income products, among other efforts.
California Lawmaker Pushes for State DC Plan Option
A new bill in the California legislature would offer new state employees a 401(k)-style plan in which their own contributions would be fully matched by the state.
Fidelity Stable Value Fund Suit Gets Final Dismissal From Appellate Court
The court said the plaintiffs claim that Fidelity agreed to overly conservative investment guidelines in a failed effort to lock up all wrap coverage so that its competitors...
SEC Extends Deadline for Open-End Fund Liquidity Classification
However, the deadlines for creating a liquidity risk management program and to limit illiquid investments to 15% of a fund’s portfolio remain unchanged: December 1, 2018, for larger...
Participant Fails to Show Harm in Retirement Plans Acquisition
After the plaintiff’s employment at Siemens concluded, Siemens sold one of its business divisions to Sivantos, Inc., and as part of the sale, Siemens transferred to Sivantos the...
Mass. State Securities Market Enforcers Target Scottrade for Sales Contests
The enforcement arm of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth alleges that Scotttrade violated the Massachusetts Uniform Securities Act and related...
Northrop Grumman Gets Some Claims Dropped in Excessive Fee Suit
Northrop was found not to be a fiduciary with respect to certain acts alleged against it; however, it did not escape the failure to monitor fiduciaries complaint.
Court Finds ERISA Does Not Preempt Illinois Slayer Statute
The 7th U.S. Circuit Court of Appeals quoted a Supreme Court decision which said “the principle underlying the statutes—which have been adopted by nearly every State—is well established...
Class Certified in ERISA Lawsuit Targeting NYU Retirement Plan
The sizable ERISA suit’s third amended compliant explicitly names as a defendant one of the advisory firms supporting NYU’s retirement plans.
Self-Reporting to SEC of 12b-1 Conflicts of Interest Not Without Risk
Offering some preliminary commentary on the SEC’s newly announced adviser 12b-1 fee conflict of interest “amnesty” program, as it’s being referred to in the trade media, Wagner Law...
Providers Agree to Pay Back Retirement Plans That Invested in Fraudulent Loans
The DOL has entered into a settlement agreement with U.S. Fiduciary Services and three of its subsidiaries that provides for payment of more than $7 million to 42...
SEC Reveals Share Class Selection Disclosure Initiative
Under the new “SCSD Initiative,” the SEC’s enforcement agents will recommend “standardized, favorable settlement terms” for investment advisers that self-report that they failed to disclose conflicts of interest...
Wagner Law Group Dissects Possible Tax Cuts and Jobs Act Loophole
Since the 20% deduction of qualified business income means that a self-employed individual will be taxed at a lower rate than an employee performing substantially the same work...