Last Lap in SEC RILA Rulemaking Critical Unresolved Issues -
Congress directed the SEC to adopt a new registration statement for registered indexed annuities (RILAs) by the end of June. Several months ago, the SEC...more
5/29/2024
/ Artificial Intelligence ,
Broker-Dealer ,
CFTC ,
Climate Change ,
Cybersecurity ,
Disability Discrimination ,
Disclosure Requirements ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
NAIC ,
NLRB ,
Private Equity ,
Private Funds ,
Private Placements ,
Proposed Legislation ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Whistleblower Protection Policies ,
Whistleblowers
In Advance Trust & Life Escrow Services, LTA v. Protective Life Insurance Co. (Mar. 2, 2024), the Eleventh Circuit Court of Appeals affirmed in part and reversed in part the district court’s dismissal of breach of contract...more
On December 1, 2023, Federal Rule of Evidence 702 was amended to “clarify and emphasize” that, before expert witness testimony can be admitted, the proponent must satisfy all the rule’s requirements by a preponderance of the...more
Funds Not Caged by SEC Names Rule Amendments: Roaming Room Remains -
The SEC recently adopted amendments to its investment company “names” rule that apply to most SEC-registered funds, including underlying funds in which...more
1/11/2024
/ Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Insurance Industry ,
Investment Funds ,
Life Insurance ,
Proposed Rules ,
Putative Class Actions ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Traders ,
Whistleblowers
For broker-dealers distributing and selling variable annuities, examinations will test for compliance with Reg BI and FINRA Rule 2330 because both standards apply to variable annuity sales. Firms distributing and selling...more
More than 25 years have elapsed since the SEC adopted Exchange Act Rule 17a-4(f) governing electronic recordkeeping by broker-dealers. In an effort to update the rule to reflect “technology neutral” concepts, the SEC adopted...more
When last we left the Actuarial Standards Board (ASB), the board was considering comments on the first exposure draft of proposed changes to Actuarial Standard of Practice No. 2 (ASOP 2), now titled “Nonguaranteed Elements...more
Actuaries and Insurers Take Note -
The Actuarial Standards Board (ASB) has exposed for comment significant proposed changes to Actuarial Standard of Practice No. 2, “Nonguaranteed Charges or Benefits for Life Insurance...more
The Actuarial Standards Board (ASB) exposed wholesale changes to Actuarial Standard of Practice No. 2 - Nonguaranteed Charges or Benefits for Life Insurance Policies and Annuity Contracts (ASOP 2), which has not changed since...more
The Northern District of Illinois recently denied a motion for class certification based largely on the inexperience of class counsel, and simultaneously denied the defendant’s motion to deny class certification. ...more
10/18/2018
/ Class Action ,
Class Certification ,
Conciliation ,
Employer Liability Issues ,
Employment Discrimination ,
Employment Litigation ,
Equal Employment Opportunity Commission (EEOC) ,
Ford Motor ,
FRCP 23(a) ,
Hostile Environment ,
Sexual Harassment
The plaintiff brought a putative class action after allegedly defaulting on charges for medical services. Shortly thereafter, the creditor assigned, placed, or transferred the debt to the defendants for collection. ...more
Florida’s Fifth District Court of Appeal (“Fifth DCA”) upheld a denial of certification in a putative class action seeking refunds of fines paid under a red light camera ordinance, ruling that the application of the voluntary...more
6/22/2018
/ Appeals ,
Class Certification ,
Fines ,
Florida ,
Municipalities ,
Predominance Requirement ,
Preemption ,
Putative Class Actions ,
Red Light Cameras ,
Superiority Claims ,
Traffic Laws ,
Voluntary Payments
The District Court for the Northern District of California denied a motion for preliminary approval of a proposed settlement, citing the plaintiffs’ disregard of the court’s guidelines and various concerns as to whether the...more
The Supreme Court recently granted certiorari in Lamps Plus Inc. v. Varela, to determine “[w]hether the Federal Arbitration Act forecloses a state-law interpretation of an arbitration agreement that would authorize class...more
The Eastern District of New York recently held that a former class counsel’s spouse was an inadequate class representative due to the conflict of interest created by the relationship....more
The Second Circuit, in keeping with its recent decision in Waggoner v. Barclays, reaffirmed that defendants must satisfy the burden of persuasion by a preponderance of the evidence to rebut the presumption established by the...more
1/31/2018
/ Appeals ,
Barclays ,
Burden of Persuasion ,
Burden of Production ,
Class Action ,
Class Certification ,
Collateralized Debt Obligations ,
Conflicts of Interest ,
FRCP 23(b)(3) ,
Goldman Sachs ,
Material Misstatements ,
Preponderance of the Evidence ,
Rule 10(b) ,
Rule 10b-5 ,
Securities Exchange Act ,
Securities Fraud ,
Securities Violations ,
Stocks
A district court recently disqualified a plaintiff from acting as a class representative because his spoliation of evidence rendered him an atypical class member. The plaintiffs allege that casting sand used in creating Jeep...more
The Fifth Circuit recently vacated a class action settlement that included unsecured and uncollateralized future payments to the plaintiffs, while providing a swift and complete payout of fees to class counsel. The case...more
A North Carolina district court recently held that Dish Network (“Dish”) willfully violated the Telephone Consumer Protection Act (TCPA) when Satellite Systems Network (SSN) made more than 50,000 telemarketing and sales calls...more
An Illinois district court recently denied certification, finding that the putative nationwide class failed the commonality and numerosity prongs of Rule 23(a) and that injunctive relief was not available under Rule 23(b)(2)...more
5/18/2017
/ Americans with Disabilities Act (ADA) ,
Class Certification ,
Commonality ,
Disability Discrimination ,
FRCP 23 ,
FRCP 23(a) ,
FRCP 23(b)(2) ,
Injury-in-Fact ,
Kohls ,
Numerosity ,
NYHRL ,
Public Access Laws ,
Putative Class Actions ,
Retail Market
The Northern District of California recently renewed hope in a minor league baseball player class action wage dispute by granting the plaintiffs class certification after they narrowed the class. The court had previously...more
3/27/2017
/ Baseball ,
Class Action ,
Class Certification ,
Employment Litigation ,
FRCP 23 ,
FRCP 23(b)(2) ,
FRCP 23(b)(3) ,
MLB ,
Motion for Reconsideration ,
Putative Class Actions ,
Wage and Hour
Within roughly three weeks, the Second Circuit issued two opinions applying the Supreme Court’s Campbell-Ewald Co. v. Gomez decision to class action cases involving Rule 68 offers of judgment. On February 15, 2017, in Leyse...more
The Third Circuit affirmed an order denying class certification because the plaintiffs failed to provide sufficient evidence of classwide antitrust impact, and thus, could not satisfy Rule 23(b)(3)’s predominance requirement....more
The Ninth Circuit affirmed certification of putative class actions brought against ConAgra Foods, Inc. (“ConAgra”) by consumers who claimed that ConAgra’s “100% Natural” labels on Wesson cooking oils were false or misleading....more
1/18/2017
/ Administrative Feasibility ,
Ascertainable Class ,
Class Action ,
Class Certification ,
ConAgra ,
Food Labeling ,
Food Manufacturers ,
FRCP 23 ,
FRCP 23(f) ,
Natural Products ,
Putative Class Actions
The Ninth Circuit affirmed certification of putative class actions brought against ConAgra Foods, Inc. (“ConAgra”) by consumers who claimed that ConAgra’s “100% Natural” labels on Wesson cooking oils were false or misleading....more