Fiduciary Rules and Practices
Broker-dealers and advisors doing business in the Silver State will want to pay attention to newly proposed regulations defining the state’s fiduciary standard, as well as broader changes to practices and procedures.
Efforts by Nevada regulators to implement guidance defining the state’s...
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The Labor Department is pushing back against litigation challenging specific elements of its FAQs regarding the fiduciary rule.
The suit (Am. Sec. Ass’n v. U.S. Dep’t of Labor, M.D. Fla., No. 8:22-cv-00330, complaint filed 2/9/22) was one of two filed earlier this year challenging the DOL’s...
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There’s a battle brewing in Battle Creek about excessive recordkeeping and managed account fees.
Bradley H. Fleming, a former accountant at Kellogg’s, has sued his former employer, the Kellogg Co., its board of directors, its ERIA finance committee and its ERISA administrative committee claiming...
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A federal judge has ruled that the comparisons put forth as proof of a fiduciary breach were not “meaningful.”
The suit was filed late last year by plaintiff-participants Malika Riley and Takeeya S. Reliford, by and through their attorneys—Carey & Danis, Edelson Lechtzin LLP, and, Capozzi...
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Retirement plans have garnered heightened scrutiny. In MarketBeat, John Iekel writes about a recent blog entry that argues that increased attention highlights the importance of fulfilling fiduciary duties and not committing a fiduciary breach.
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A multibillion-dollar 403(b) plan has been sued for the second time in a year.
Now, MITRE had been sued in 2021—in a case just dismissed a few weeks back—because the named plaintiff, one Aaron Brown, was found to have invested his plan account in a single fund that belonged to the lowest-cost...
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Based on updates to the Department of Labor’s Spring 2022 regulatory agenda, it appears that stakeholders will have to wait a little longer for the agency’s revisions to the definition of fiduciary, as well as final guidance on ESG-based factors.
Fiduciary Rewrite?
The latest regulatory agenda...
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In MarketBeat, Alison J. Cohen discusses what happens when a fiduciary fails to properly monitor service providers and investments.
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Retirement plans—including 457(b) plans—have garnered heightened scrutiny. In MarketBeat, John Iekel writes about a recent blog entry that notes that IRS and DOL have increased the number of plans they audit, and highlights the importance of fulfilling fiduciary duties and not committing a...
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The law firm of Schlichter Bogard & Denton has a new target in an excessive fee suit—the plan’s investment advisor.
More specifically, plaintiffs Michelle Mills, Coy Sarell, Chad Westover, Brent Aleshire, Barbara Kershner, Paula Schaub, and Jennifer Silva—who just two months ago filed suit[1] ...
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Springfield, Missouri-based O’Reilly Automotive, Inc. is the latest to draw the attention of the plaintiffs’ bar—or more precisely its $1.1 billion plan and 53,000 participants.
These plaintiffs—represented by Capozzi Adler PC (and FortmanSpann LLC) say that the defendants’ “mismanagement of the...
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In the wake of the SEC announcing a $6 billion securities fraud deal against Allianz Global Investors U.S. LLC (AGI U.S.), the firm off-loaded most of its U.S. investment management business as part of the terms of the deal.
The SEC announced May 17 that it had charged AGI U.S. and three former...
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A consulting firm’s data breach has triggered a second class action lawsuit by an affected participant on behalf of a class of some 2,500,000 individuals.
The suit, brought by plaintiff Greg Torrano, claims that 2,537,261 individuals signed up for benefits plans through their employers—only to...
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After “nearly five years of intensive litigation,” a little over a month ago, a university 403(b) excessive fee suit settled—and now we know the terms.
The suit was originally filed in June 2017 by Latasha Davis and Jennifer Elliott on behalf of Washington University’s plan of more than 24,000...
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The collective balance of the 403(b)s in the education sector rose steadily over a decade, but fees blunt the effect of that growth, the Government Accountability Office (GAO) suggests in a recent study.
In “Defined Contribution Plans:403(b) Investment Options, Fees, and Other Characteristics...
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The Bay State’s fiduciary rule encountered a major setback when a Massachusetts judge on March 30 invalidated the March 2020 rule that imposed a heightened fiduciary conduct standard on broker dealers and agents.
The March 30 ruling by Suffolk County Superior Court Judge Michael Ricciuti held...
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The law firm of Schlichter Bogard & Denton has a new target—with some familiar accusations.
This time (Mills v. Molina Healthcare, Inc., C.D. Cal., No. 2:22-cv-01813, complaint 3/18/22) they are representing plaintiffs Michelle Mills, Coy Sarell, Chad Westover, Brent Aleshire, Barbara Kershner...
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It’s not all about “the Benjamins,” but a recent analysis of the nation’s private retirement system certainly puts a lot of emphasis on the accumulation of aggregate assets in retirement plans.
The Morningstar report—“Retirement Plan Landscape Report, An In-Depth Look at the Trends and Forces...
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The recent 2022 NTSA Summit provided a unique opportunity to connect and also to gain from the insights of industry experts. Following is a quick rundown of our coverage of the event.
NTSA Leadership
Flagg Thanked for Her Service as 2021 NTSA President https://www.ntsa-net.org/news-resources/...
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With a filing date looming, the parties in another excessive fee suit have announced a settlement.
The announcement came in a suit (Latasha Davis et al. v. Washington University in St. Louis et al.) originally filed in June 2017 by Latasha Davis and Jennifer Elliott[1] on behalf of the Washington...
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