Andrew L. Oringer

Andrew L. Oringer

Dechert LLP

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Financial Services Quarterly Report - Second Quarter 2016: Does the Supreme Court’s Dudenhoeffer Decision under ERISA do “More...

Earlier this year, the U.S. Supreme Court decided the case of Amgen v. Harris, in which the Court revisited and clarified its 2014 holding in Dudenhoeffer v. Fifth Third Bancorp.2 Both cases concern the application of a...more

7/11/2016 - Amgen Amgen v Harris Breach of Duty Class Action Duty of Prudence ERISA Fiduciary Duty FIfth Third Bancorp v Dudenhoeffer Moench Presumption More Harm Than Good Standard Plan Administrators Pleading Standards Retirement Plan SCOTUS Stock Drop Litigation

More Egregious Aggregation Under ERISA in the Sun Capital Partners Case? The District Court Goes Down Yet Another Road

The recent opinion by the U.S. District Court for the District of Massachusetts on remand from the U.S. Court of Appeals for the First Circuit in the Sun Capital Partners case may be troubling to private equity funds and...more

5/31/2016 - ERISA Multiemployer Plan Partnership-in-Fact PBGC Pensions Popular Private Equity Funds Sun Capital Partners Teamsters Withdrawal Liability

The Brave New Fiduciary World Has Arrived – The DOL Tries to Find a More Ideal Balance in the Final “Investment Advice” Rules

The U.S. Department of Labor (the “DOL”) on April 6, 2016 released the final version of its “investment advice” regulation and accompanying prohibited transaction exemptions, a highly-anticipated milestone that is the...more

5/27/2016 - Benefit Plan Sponsors Best Interest Contract Exemptions Brokers Conflicts of Interest DOL ERISA Fiduciary Duty Final Rules Investment Adviser IRA Retirement Plan

The Brave New Fiduciary World Has Arrived - Has the Department of Labor Found a More Ideal Balance?

For the past several years, the U.S. Department of Labor (the “DOL”) has been in the process of revising the “investment advice” regulations that govern “fiduciary” status under the Employee Retirement Income Security Act of...more

4/7/2016 - 401k Best Interest Contract Exemptions Broker-Dealer Conflicts of Interest DOL ERISA Fiduciary Duty Investment Adviser IRA IRS

Collecting Another Supreme Win for ERISA Preemption - Court in Gobeille Invalidates Vermont Data Collection Law

The U.S. Supreme Court decided the case of Gobeille v. Liberty Mutual Insurance Co. last week, in which the Court invalidated a Vermont health care data collection law as being preempted by the Employee Retirement Income...more

3/10/2016 - Blue Cross Data Collection ERISA Gobeille v Liberty Mutual Insurance Com. Liberty Mutual Insurance Company Preemption Reporting Requirements SCOTUS Self-Funded Health Plans

Reminder: Certain U.S. Reporting and Compliance Obligations for Investment Advisers and Funds

The U.S. federal securities laws and the rules of U.S. self-regulatory organizations (such as the Financial Industry Regulatory Authority) impose certain reporting and compliance obligations on investment advisers and funds....more

2/9/2016 - CFTC ERISA Filing Requirements Form 13F Investment Adviser Investment Funds Reporting Requirements Schedule 13D SEC Securities Exchange Act

Update – Disapproving the Approval Process: IRS Provides Additional Guidance on the Curtailment of the Determination Letter...

The Internal Revenue Service (the “IRS”) recently released Notice 2016-03, which provides additional details for plan sponsors on the curtailment of the determination letter process for individually designed tax-qualified...more

2/8/2016 - Determination Letter Employee Benefits IRS Qualified Retirement Plans

Be Careful What You Wish For – Dudenhoeffer May Do “More Harm Than Good” For ERISA “Stock Drop” Plaintiffs

In its June 2014 decision in Dudenhoeffer v. Fifth Third Bank, the U.S. Supreme Court unanimously declined to recognize a “presumption of prudence” that had favored retirement-plan fiduciaries faced with allegations of...more

2/1/2016 - Amgen Employee Benefits ERISA Fiduciary Duty FIfth Third Bancorp v Dudenhoeffer Retirement Plan SCOTUS Stock Drop Litigation

U.S. Supreme Court Limits ERISA Plan’s Subrogation Rights Where Participants Have Dissipated Funds Recovered from Third Parties –...

Over the years, the U.S. Supreme Court from time to time has explored the scope of equitable relief available under the Employee Retirement Income Security Act of 1974 (“ERISA”) in circumstances where an employee benefit plan...more

1/27/2016 - Employee Benefits Equitable Relief ERISA Medical Expenses Medical Liens Montanile v Board of Trustees Qualified Settlement Funds SCOTUS

ERISA Claim Knocked Off the Pedestal - Provider of 401(k) Investment Platform Held Not to Have Fiduciary Liability

Over the years, U.S. employers that sponsor “401(k)” and other retirement plans, and plan fiduciaries, have increasingly become the subject of significant and potentially expensive litigation under the Employee Retirement...more

1/25/2016 - 401k Employee Benefits ERISA Fiduciary Duty Retirement Plan

Achieve Pay Equity Act and Other Developments Impose Additional Requirements on New York Employers

New York employers should be aware of various new laws that have been enacted with the stated purpose of protecting and furthering women's equality in the State of New York. These new laws impose a number of significant...more

1/21/2016 - Achieve Pay Equity Act (APEA) Equal Pay Gender-Based Pay Discrimination Governor Cuomo NLRA NYHRL Pay Secrecy Wage and Hour

Approval Process Disapproved: IRS Curtails the Determination Letter Program

The Internal Revenue Service (the “IRS”) on July 21, 2015, issued Announcement 2015-19, describing important changes to the determination letter program for individually designed tax-qualified retirement plans. These changes...more

8/27/2015 - Benefit Plan Sponsors Determination Letter IRS Qualified Retirement Plans

A Sea Change for Waive-rs? - Proposed Regulations Address Tax Treatment of Management Fee Waivers

The U.S. Treasury Department (“Treasury”) and the Internal Revenue Service (the “IRS”) have issued proposed regulations under Section 707(a)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), covering the...more

8/17/2015 - Business Taxes Fee Waivers IRS Management Fees Partnerships Profits Interests Safe Harbors Significant Entrepreneurial Risk (SER) Treasury

The Claws Are Out – SEC Proposes Clawback Regulations Under Dodd-Frank

Five years after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), the U.S. Securities and Exchange Commission (“SEC”) has issued the last of its proposed rules to implement the...more

7/17/2015 - Board of Directors Clawbacks Corporate Officers Directors Disclosure Requirements Dodd-Frank Executive Compensation Incentive Compensation Publicly-Traded Companies Sarbanes-Oxley SEC Shareholders

Some Limited Trouble with Tibble? Part II –Supreme Court Decides Excessive-Fee Case Involving 401(k) Plan

Earlier this week, the U.S. Supreme Court unanimously decided the case of Tibble v. Edison International. In Tibble, the Court held that the statute of limitations under the Employee Retirement Income Security Act of 1974...more

5/23/2015 - 401k Breach of Duty Duty to Monitor ERISA Fiduciary Duty Retirement Plan SCOTUS Statute of Limitations Tibble v Edison Int

The DOL Seeks an Ideal Balance in a Brave New World of “Investment Advice” Under ERISA

The U.S. Department of Labor (the “DOL”) on April 14, 2015 issued the long-awaited re-proposal (the “2015 Proposed Regulations”) of the regulations defining “investment advice” in connection with the “fiduciary” rules under...more

4/22/2015 - Brokers Conflicts of Interest DOL ERISA Fiduciary Duty Investment Adviser IRA Proposed Regulation Retirement Plan

A Phantom Menace for IPO Companies - US Tax Regulations Restrict the Use of Restricted Stock Units

Section 162(m) of the Internal Revenue Code (“Section 162(m)”) provides for a $1 million dollar limitation on the amount of compensation paid to each of certain named executive officers that public companies may deduct in any...more

4/20/2015 - Executive Compensation IRS Restricted Stocks Section 162(m) Stock Options

U.S. Department of Labor Grace-fully Extends Disclosure Deadline by Two Months for Participant-Directed Retirement Plans

The United States Department of Labor (the “DOL”) announced on March 18, 2015, a “direct” final rule (the “Final Rule”) extending the time in which annual disclosures must be provided by fiduciaries of participant-directed...more

4/8/2015 - Disclosure Requirements DOL Filing Deadlines Grace Period Participant-Directed Plans Retirement Plan Time Extensions

Reminder: Certain U.S. Reporting and Compliance Obligations for Investment Advisers and Funds

The U.S. federal securities laws and the rules of U.S. self-regulatory organizations (such as the Financial Industry Regulatory Authority) impose certain reporting and compliance obligations on investment advisers and funds....more

3/27/2015 - Brokers CFTC Compliance Equity Securities ERISA Filing Deadlines Filing Requirements Form 13F Form ADV Investment Adviser Investment Funds NFA Private Funds Reporting Requirements Schedule 13D Securities Dealers

Some Limited Trouble with Tibble? – Supreme Court Agrees to Hear Excessive-Fee Case Involving 401(k) Plan

The U.S. Supreme Court granted certiorari on October 2, 2014 in the case of Tibble v. Edison International, for the narrow purpose of reviewing the holding by the Ninth Circuit Court of Appeals that the statute of limitations...more

10/8/2014 - 401k Attorney's Fees ERISA Excessive Fees SCOTUS

Department of Labor Opens the Door to Questioning Brokerage Windows Under 401(k) Plans

A request for information ("RFI") by the U.S. Department of Labor ("DOL") was published on August 21, 2014 regarding the use of so-called "brokerage windows" under retirement plans, such as many Section 401(k) plans, that...more

8/28/2014 - 401k DOL Employee Benefits Request For Information Retirement Retirement Plan

An Appreciation for Hedging Your Bets on Deferred Compensation

Under Section 457A of the U.S. Internal Revenue Code of 1986 (the “Code”), certain offshore and other entities are limited in their ability to provide tax-effective deferred compensation to providers of services to those...more

8/19/2014 - Deferred Compensation Equity Compensation Internal Revenue Code (IRC) Investment Funds IRS Offshore Companies SAR Section 457A

Lawsuit Regarding Computer-Generated Advice to 401(k) Participants Revs Up Against Financial Engines

Last week, in a complaint dated August 8, 2014, plaintiffs commenced a lawsuit in the US District Court for the Eastern District of Texas against Financial Engines, Inc. and Financial Engines Advisors L.L.C. asserting a...more

8/12/2014 - 401k Financial Institutions Patent Infringement Patent Litigation Patents Popular Retirement Plan

Dudenhoeffer Eschews Moench Presumption But Encourages Careful Scrutiny Of Complaints: Future for ERISA Stock-Drop Litigation Is...

Certain retirement plans, such as employee stock ownership plans (“ESOPs”), are specifically designed to invest all or a portion of their assets in stock of the sponsoring employer. For nearly twenty years, the federal courts...more

7/1/2014 - ERISA ESOP Fiduciary Duty FIfth Third Bancorp v Dudenhoeffer Fifth Third Mortgage Company Moench Presumption SCOTUS Stock Drop Litigation US Bancorp

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