Russell Hirschhorn

Russell Hirschhorn

Proskauer Rose LLP

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Update on Lawsuits Challenging the U.S. Department of Labor’s Fiduciary Rule

As we previously reported, there are five pending lawsuits challenging the U.S. Department of Labor’s new fiduciary rule. Our Client Alert on the new rule outlines the significance of the rule and the implications of the...more

8/17/2016 - Annuities Arbitrary and Capricious Best Interest Contract Exemptions Case Consolidation Chamber of Commerce Commercial Speech Cross Motions DOL ERISA Fiduciary Duty Fiduciary Rule First Amendment Investment Adviser Motion for Summary Judgment Preliminary Injunctions Private Right of Action Statutory Authority

Update on Lawsuits Challenging the U.S. Department of Labor’s Fiduciary Rule

As we previously reported, there have been five lawsuits challenging the U.S. Department of Labor’s new fiduciary rule. On July 8, 2016, the U.S. Department of Labor (DOL) filed its first formal response to these...more

7/14/2016 - Chevron Deference Cross Motions DOL Fiduciary Duty Fiduciary Rule Motion for Summary Judgment Participant-Directed Plans Preliminary Injunctions Retirement Plan

Lawsuits Filed Challenging The USDOL’s Final Fiduciary Rules

On April 6, 2015, the U.S. Department of Labor released its Final Rule addressing when a person providing services to an employee benefit plan or individual retirement account (IRA) is considered to be providing investment...more

6/13/2016 - Administrative Procedure Act Best Interest Contract Exemptions Best Interest Standard Conflicts of Interest DOL Due Process ERISA Fiduciary Duty Fiduciary Rule Fifth Amendment Final Rules First Amendment Investment Adviser IRA Regulatory Flexibility Act

Final DOL Fiduciary Rule – Q&As for Employers and Plan Sponsors on Investment Education

On April 6, 2015, the U.S. Department of Labor (Department) issued its final rule defining who is a fiduciary of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA) as a result of giving...more

5/3/2016 - Benefit Plan Sponsors DOL Employer Liability Issues ERISA Fiduciary Duty Final Rules Retirement Plan Third-Party Service Provider

U.S. Department of Labor Finalizes Fiduciary Definition and Conflict of Interest Rule

On April 6, 2015, the U.S. Department of Labor (Department) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA)...more

4/20/2016 - Best Interest Contract Exemptions Best Interest Standard Broker-Dealer CFTC Compensation Conflicts of Interest Dodd-Frank DOL ERISA Fiduciary Duty Final Rules Investment Adviser IRA PTEs Retirement Plan SEC Securities Security-Based Swaps Swap Dealers

U.S. DOL To Issue Final Rule and Exemptions on Fiduciary Standards

On April 6, 2016, the U.S. Department of Labor will release its highly-anticipated Final Rule and Exemptions addressing when a person providing investment advice with respect to an employee benefit plan or individual...more

4/6/2016 - Best Interest Contract Exemptions Best Interest Standard Conflicts of Interest DOL ERISA Exemptions Fiduciary Duty Final Rules Investment Adviser Retirement Plan

The ERISA Litigation Newsletter - May 2015

Editor's Overview - This month we focus on the EEOC's proposed rules concerning wellness programs. As our colleague, Amy Covert, discusses, a recent change of position by the EEOC provides employers with opportunities...more

5/22/2015 - ADA Affordable Care Act Best Management Practices DOL EEOC Employer Group Health Plans EPCRS ERISA HIPAA Incentives Voluntary Participation Wellness Programs

U.S. Supreme Court Sends ERISA Investment Fee Case Back For Further Review

Today, the U.S. Supreme Court ruled that an ERISA plan participant may allege that a plan fiduciary breached the duty of prudence by not properly monitoring the plan’s investment options as long as the alleged breach of the...more

5/19/2015 - Benefit Plan Sponsors Breach of Duty ERISA Fiduciary Duty Retirement Plan SCOTUS Tibble v Edison Int

The U.S. Department of Labor's New Proposed Rules Defining Fiduciary Investment Advice

On April 14, 2015, the U.S. Department of Labor (DOL) issued its highly anticipated re-proposed regulation addressing when a person providing investment advice with respect to an employee benefit plan or individual retirement...more

4/21/2015 - Benefit Plan Sponsors DOL ERISA Fiduciary Duty Internal Revenue Code (IRC) Investment Adviser IRA Proposed Regulation

U.S. Department of Labor Issues Proposed Fiduciary Rules

Tuesday, the U.S. Department of Labor issued its highly anticipated re-proposed regulation addressing when a person providing investment advice with respect to an employee benefit plan is considered a fiduciary under ERISA....more

4/16/2015 - DOL ERISA Fiduciary Duty Fiduciary Rule Investment Adviser Proposed Regulation

Supreme Court Dispenses With the Yard-Man Inferences

In a decision watched closely by both employers and unions, a unanimous Supreme Court has resolved a thirty-plus year split among the circuit courts on the standards governing claims for retiree health-care benefits arising...more

1/29/2015 - CBAs Collective Bargaining Employer Group Health Plans Employer Healthcare Costs Health Insurance M&G Polymers v Tackett Retirement SCOTUS Vested Benefits Yard Man

The ERISA Litigation Newsletter

Editor's Overview - As it is well known, in Cigna Corp. v. Amara, 131 S. Ct. 1866 (2011), the U.S. Supreme Court identified several forms of appropriate equitable relief that may be available under Section 502(a)(3) of...more

11/19/2014 - ADEA Choice-of-Venue CIGNA v Amara Compensatory Awards Employer Group Health Plans Employer Liability Issues Equitable Estoppel Equitable Relief Equitable Surcharge ERISA FSA IRS Life Insurance Reformation SCOTUS

The ERISA Litigation Newsletter

Editor's Overview - As the summer draws to a close, no one would fault you if you missed the Fourth Circuit's decision in Tatum v. RJR Pension Investment Committee, which was published on August 4th. However, plan...more

9/11/2014 - 401k Employer Liability Issues ERISA FIfth Third Bancorp v Dudenhoeffer Loss Causation RJR Nabisco Shareholders

Divided Fourth Circuit Panel Rules On Burden of Proving Loss Causation in ERISA Fiduciary Breach Case

That was the sentiment expressed in a blistering dissent by Fourth Circuit Judge J. Harvie Wilkinson in the latest ruling in a lawsuit challenging the decision by the fiduicaries of the RJR 401(k) plan to liquidate two stock...more

8/19/2014 - Breach of Duty Burden of Proof Causation ERISA Fiduciary Duty

The ERISA Litigation Newsletter - July 2014

Editor's Overview - The end of the U.S. Supreme Court's term brought two significant ERISA decisions. The first concerns the standard of review that courts apply when evaluating ERISA stock-drop claims. As discussed...more

7/17/2014 - Affordable Care Act Burwell v Hobby Lobby Contraceptive Coverage Mandate Employer Mandates ERISA FIfth Third Bancorp v Dudenhoeffer Hobby Lobby Mental Health Parity Rule Religious Exemption Religious Freedom Restoration Act SCOTUS Stock Drop Litigation

Fifth Third Bancorp v. Dudenhoeffer – An Analysis of the U.S. Supreme Court’s Decision

For over two decades, federal courts have embraced the so-called Moench presumption of prudence in ERISA stock-drop cases. Pursuant to that presumption, courts have routinely dismissed such claims absent allegations in a...more

6/26/2014 - ERISA FIfth Third Bancorp v Dudenhoeffer SCOTUS Stock Drop Litigation US Bancorp

SCOTUS Says No Presumption of Prudence In ERISA Stock Drop Cases

Earlier today, in Fifth Third Bancorp v. Dudenhoeffer, the U.S. Supreme Court declined to adopt the so-called Moench presumption of prudence pursuant to which many circuit courts had dismissed ERISA stock drop claims unless...more

6/26/2014 - ERISA FIfth Third Bancorp v Dudenhoeffer SCOTUS Stock Drop Litigation US Bancorp

Yet Another Decision On The Availability of Equitable Surcharge

A district court in Pennsylvania concluded that a decedent’s life insurance plan beneficiaries were entitled to equitable surcharge where the plan administrator failed to, among other things, inform the decedent about the...more

6/19/2014 - Beneficiaries Equitable Surcharge Life Insurance

The ERISA Litigation Newsletter - June 2014

Editor's Overview - In this month's issue, our authors address severance benefit claims and ERISA disclosure requirements. In our first article, Joe Clark addresses whether a plan administrator should conduct an...more

6/16/2014 - Affordable Care Act Disclosure Requirements Employee Rights Employer Liability Issues ERISA Evidentiary Rulings Hiring & Firing Plan Administrators Reporting Requirements Settlement Severance Agreements Severance Pay

Plaintiff’s Claim for Estoppel, Reformation and Surcharge Strikes Out

A divided panel of the Ninth Circuit recently held that plaintiff Gregory Gabriel could not recover, as “appropriate equitable relief,” pension benefits he thought he was owed from the Alaska Electrical Pension Fund, after...more

6/11/2014 - Equitable Estoppel Equitable Relief Estoppel Unjust Enrichment

The ERISA Litigation Newsletter - March 2014

Our first article this month addresses the treatment of the attorney-client privilege in employee benefits matters. Pursuant to the so-called "fiduciary exception," communications between an attorney and a plan fiduciary are...more

3/12/2014 - Attorney-Client Privilege Confidential Communications ERISA Fiduciary Duty Legal Advice Privilege

View From Proskauer: ERISA Plan Fiduciaries—Are Your Conversations With Counsel Privileged?

It is generally understood that communications between clients and lawyers are privileged and that the substance of those conversations may not be divulged to third parties except in the rarest of circumstances. In the...more

3/11/2014 - Attorney-Client Privilege Corporate Counsel ERISA Fiduciary Duty

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