Russell Hirschhorn

Russell Hirschhorn

Proskauer Rose LLP

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Update on the USDOL Conflict of Interest Rule and Related Exemptions

There were two key developments last week concerning the ongoing challenges to the U.S. Department of Labor (USDOL) conflict of interest rule and related exemptions:  a Presidential Memorandum calling for a review of the...more

2/15/2017 - Best Interest Contract Exemptions Conflicts of Interest DOL Employee Benefits Fiduciary Duty Fiduciary Rule Investment Adviser Trump Administration

D.C. Court of Appeals Denies Emergency Request to Halt Conflict of Interest Rule and Related Exemptions

On December 15, 2016, the U.S. Court of Appeals for the District of Columbia Circuit denied the emergency request from the National Association for Fixed Annuities (“NAFA”) for an injunction blocking the implementation of the...more

12/19/2016 - Appeals Conflicts of Interest DOL Employee Benefits Fiduciary Rule Injunctions National Association for Fixed Annuities (NAFA) Trump Administration

DOL Prevails in Kansas Litigation Challenging Conflict of Interest Rule and Related Exemptions

On November 28, 2016, Judge Crabtree in the U.S. District Court for the District of Kansas ruled in favor of the U.S. Department of Labor and denied the motion for a preliminary injunction filed by the Market Synergy Group,...more

12/6/2016 - Best Interest Contract Exemptions Conflicts of Interest DOL Employee Benefits Fiduciary Duty Retirement Plan

DOL Prevails Again and NAFA Moves on to the Circuit Court Challenging the Conflict of Interest Rule and Related Exemptions

On November 23, 2016, Judge Moss in the U.S. District Court for the District of Columbia again ruled in favor of the Department and denied the renewed motion for a preliminary injunction brought by the National Association...more

12/1/2016 - Annuities Conflicts of Interest Employee Benefits

DOL Prevails In First Challenge to the Conflict of Interest Rule and Related Exemptions

On November 4, 2016, Judge Moss in the U.S. District Court for the District of Columbia granted the U.S. Department of Labor’s motion for summary judgment and dismissed claims brought by the National Association for Fixed...more

11/18/2016 - Administrative Procedure Act Annuities Best Interest Contract Exemptions Best Interest Standard Chevron Deference Conflicts of Interest DOL Due Process Employee Benefits ERISA Fifth Amendment Investment Adviser IRA Presidential Elections Regulatory Flexibility Act Title I Trump Administration

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

In this update on the litigation challenging the U.S. Department of Labor’s new fiduciary rule, we note that there has been a sixth lawsuit filed and oral arguments in two other cases.  ...more

10/27/2016 - Administrative Procedure Act Arbitration Best Interest Contract Exemptions DOL Employee Benefits ERISA Federal Arbitration Act Fiduciary Rule Fixed Income Investments Statutory Interpretation

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

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