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Retiree Health Benefits Case Remanded to District Court for Additional Fact Finding

On remand from the Supreme Court, the Sixth Circuit sent the parties in Tackett v. M&G Polymers USA, LLC back to the district court for additional factual determinations on whether the retirees who commenced the lawsuit had...more

U.S. Supreme Court Clarifies the Scope of ERISA Fiduciary Obligations in Recent Stock Drop Decision

In recent years, plaintiffs’ lawyers have brought numerous ERISA breach of fiduciary duty lawsuits against employers that offer employer stock funds in their 401(k) plans. These lawsuits are typically brought on behalf of...more

The Supreme Court Meant What It Said On Employer Stock Funds

On January 25, 2016, in Amgen, Inc. v. Harris, 2016 WL 280886, the Supreme Court sent a strong message to the lower courts, plaintiffs and ERISA fiduciaries that pleading standards for breach of fiduciary duty prudence claims...more

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

Third Circuit Court of Appeals Permits Chapter 11 Debtor to Reject Expired CBA

It is a familiar scenario: a company is on the verge of bankruptcy, bound by the terms of a collective bargaining agreement (CBA), and unable to negotiate a new agreement. However, this time, an analysis of this distressed...more

Banking Disputes Quarterly - Q4 January 2016

On the Horizon - Many nancial services rms employ more women than men in junior roles. But analysis shows that the chances of women progressing from middle to senior management roles are worse in the nancial services...more

Supreme Court Limits ERISA Plan Reimbursement Rights: ERISA Fiduciaries Need to be Diligent

On January 20, 2016, the United States Supreme Court held that an ERISA plan could not satisfy its reimbursement rights from a participant’s general assets. ERISA plans’ reimbursement rights are now so limited that...more

The ERISA Litigation Newsletter - January 2016

Editor's Overview - Happy New Year! Because 401(k) plans play an increasingly prominent role as an employee's principal retirement investment vehicle, fiduciaries overseeing those plans face increased pressure to see...more

UK Financial Regulatory Developments - January 2016 #6

Commission reports on volatility of own funds - The Commission has reported to EP and the Council on the effect of the revised International Accounting Standard (IAS) 19 on employee benefits, on the volatility of own...more

Federal Court Dismisses “Excessive Fee” Claims Against Plan’s Service Provider: McCaffree Financial Corporation v. Principal Life...

The U. S. Court of Appeals for the Eighth Circuit has affirmed the dismissal of a retirement plan’s claims against a company with whom the plan had contracted to provide the plan’s investment options. The holding in McCaffree...more

Securities Law and Corporate Governance Developments: A Look Back at 2015 and a Preview of 2016

Initiatives by Congress, the Securities and Exchange Commission (SEC), activist shareholders, and federal and state courts from 2015 will reshape public company disclosure and policies, and offer new avenues for private...more

U.S. Supreme Court Holds ERISA Plan Cannot Enforce Equitable Lien Against Participant’s General Assets

On January 20, 2016, the U.S. Supreme Court reversed a decision by the Eleventh Circuit and held that when a ERISA plan participant obtains a third-party settlement subject to a plan’s subrogation provision, and then...more

Eighth Circuit Holds Service Provider Is Not A Plan Fiduciary In Excessive Fee Case

Continuing a trend in other Circuits, the Eighth Circuit held that a service provider that was contracted to provide the 401(k) plan’s investment options does not act as an ERISA fiduciary when, consistent with the terms of a...more

Another Post-Tackett Ruling Denying Retiree Health Benefits

A district court in West Virginia recently held that retirees were not entitled to lifetime health benefits under the clear and unambiguous language of the relevant collective bargaining agreements. Shortly after Constellium...more

SEC Whistleblower Report Shows Increase in “Tips”

The Securities and Exchange Commission’s (SEC) Office of the Whistleblower (Office) recently released its 2015 Annual Report on the Dodd-Frank Whistleblower Program (Report) (November 16, 2015)....more

Russia: Economic Sanctions on Turkey

On 29 December 2015, the Russian Government adopted Resolutions No. 1457 and No. 1458 specifying the scope of sanctions and restrictions which were imposed by the President Decree No. 583 and further extended by Decree No....more

2015 UK Legal Highlights

Welcome to our 2015 edition of UK Legal Highlights. This update is a reminder of some of the most important and signi cant legal developments in 2015 in DLA Piper’s areas of expertise. Last year, we included key...more

Corporate Communicator - Winter 2016: 2016 Annual Meeting Season

Dear clients and friends, We present our traditional year-end issue of Snell & Wilmer’s Corporate Communicator to help you prepare for the upcoming annual report and proxy season. This issue highlights SEC reporting and...more

New rules on whistleblowing for UK financial institutions

The FCA and PRA have announced a new package of rules aimed at formalising whistleblowing procedures within certain financial institutions. The rules will be implemented on 7 September 2016; however firms covered by the new...more

Saudi Arabia Update - December 2015

Legal Developments - MoCI warns unlicensed real estate valuators - The MoCI warned practitioners of real estate valuation from carrying on their profession without obtaining a temporary membership from the Saudi...more

Sub-Assignee Has Standing To Assert ERISA Claims

The Eleventh Circuit held that a sub-assignee’s claim for payment of a chiropractor’s bills against Blue Cross and Blue Shield of Florida were within the scope of ERISA and thus determined that the district court properly...more

Bulletin: AFTRA Retirement Fund Sending Information Request to JPC Members on Significant Drop in Pension Contributions

To address what it perceives as significant underfunding in its pension plan, the AFTRA Retirement Fund is actively sending information requests to Joint Policy Committee signatories whose contributions have declined over a...more

ERISA (6th Circuit): So How Many Hours Is Working “Full-time,” Anyway?

What happens when the ERISA long term disability benefit plan does not define “full-time”? The Department of Labor says “full-time” is defined by the employer....more

DOL’s New Disability Claim Rules Add to a Plan Administrator’s Duties under Welfare and Retirement Benefit Plans

Now, faced with an aging baby-boomer generation and increased costs related to disability litigation, the U.S. Department of Labor’s Employee Benefit Security Administration (DOL) has proposed new rules that would revise and...more

PRA removes pension obligation risk statement for insurers

PRA has deleted its legacy supervisory statement on pension obligation risk under the individual capital adequacy standards. It concerned the approach that PRA would expect insurers to take when evaluating their capital...more

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