Hands dividing pie chart

DOL Tries (Again) to Redefine ERISA Investment Fiduciary

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DOL takes another swing at redefining investment fiduciaries Read more »

Courts of Appeals Reject Generalized Allegations

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The ERISA world focused much energy and attention on the U.S. Supreme Court’s decision in Hughes v. Northwestern University, in which the Court reinstated a fiduciary suit against Northwestern University. In the aftermath of the Court’s decision, many analysts concluded that the decision would make life even more difficult for plan fiduciaries seeking to fend […] Read more »

Supreme Court Weighs in (Marginally) in Fiduciary Litigation

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Fiduciaries responsible to exercise prudence in all decisions—not just some. Read more »

DOL Delivers Lump of Coal to ESG Funds

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The U.S. Department of Labor has issued new proposed regulations that provide guidance on the process that plan fiduciaries should use in selecting ESG investments. In issuing the proposed regulations the DOL targets ESG funds and creates new requirements–and hurdles-to the use of such funds. Read more »
Fee Compression Fiduciaries Take Note

Fee Compression: Fiduciaries Take Note

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A number of long-term market trends are creating significant pressure on bundled recordkeepers’ revenues. The recordkeepers are responding to these revenue pressures through a variety of ways that impose additional costs on plans and participants. Read more »
Dancing on the Head of a Pin

Dancing on the Head of a Pin

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The battle over the appropriate standard of conduct for financial advisers rages on. One of the most important distinctions in this battle is the difference between the responsibilities of an investment adviser and a broker. And yet, the current focus on the differences between advisers and brokers is missing a huge gap – consumers do not understand the niceties of this broker vs adviser difference and the confusion created by these rules is costing consumers billions of dollars per year. Read more »
Et Tu, Wells Fargo

Et Tu, Wells Fargo?

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A recent article in the Wall Street Journal reported that Wells Fargo bank was under investigation for practices in the bank’s retirement division. According to the article the investigation focuses on practices intended to move clients into more expensive individual retirement accounts when they retire or leave their jobs. The article also noted that the […] Read more »
Nature Abhors a Vacuum

Nature Abhors a Vacuum – and So Should Fiduciaries

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The recent decision by the U.S. Court of Appeals for the 5th Circuit to invalidate the DOL’s fiduciary rules creates further confusion in an area that had already suffered from an excess of …confusion. A few things to note in considering this state of affairs: •      The 5th Circuit’s opinion goes to the core of key […] Read more »
Court of Appeals Strikes Down Fiduciary Rule

Court of Appeals Strikes Down Fiduciary Rule

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On March 15 the U.S. Court of Appeals for the Fifth Circuit struck down the DOL’s new fiduciary rule. This adds yet more uncertainty and confusion to a regulatory, legal and political tale that already has more than its share of … uncertainty and confusion. This blog post tries to make some sense of what […] Read more »
Fiduciary Lawsuits

Fiduciary Lawsuits: A New Chapter Opening?

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A new chapter may be opening in the ongoing saga of litigation against plan fiduciaries. This new chapter could lead plan sponsors and advisors to rethink – and expand – their view of the scope of their fiduciary responsibility. On January 10, the plaintiffs in the lawsuit against New York University’s plans filed an amended […] Read more »
Higher Ed Fiduciary Lawsuits A Scorecard and Some Observations

Higher Ed Fiduciary Lawsuits: A Scorecard and Some Observations

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A little over a year ago a series of lawsuits were filed against major universities. The lawsuits alleged that these schools violated their fiduciary obligations under ERISA by failing to properly manage plan costs and investment performance. In effect, these lawsuits were the higher ed/tax sheltered annuity version of the 401(k) litigation that has been […] Read more »