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Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

IRS Retirement Plan Guidance Simplifies Pre-Approved Plans and Provides Roadmap for Individually Design Plan Conversion

by Benesch on

In Revenue Procedure 2017-41, the IRS makes significant changes to the procedures that it will use in reviewing and approving “pre-approved” retirement plans. The revenue procedure applies to almost all types qualified...more

My long running issues against self-directed brokerage accounts

by Ary Rosenbaum on

I used to joke that the only clients that used to ask about self directed brokerage accounts were medical practices and law firms. I stopped telling the joke when so many advisors told me that was the truth. My opinion about...more

Pension Plan Sponsors – When “De-Risking”, Select Annuity Providers With Care

by Foley & Lardner LLP on

Employer-sponsored retirement plans come in many varieties. For example, under 401(k) and other defined contribution plans, employees and, often, employers may make specific contributions to an employee’s plan account...more

EBSA means Business

by Ary Rosenbaum on

When I started my own practice in 2010, some critics said I was selling fear because of issues I had with fee disclosure, revenue sharing, and other fiduciary issues. History ended up proving me right....more

The Appearance of Impropriety

by Ary Rosenbaum on

For some reason, the unincorporated village I live in has its own Sanitation District where a lot of unethical things have gone on in the past where a father and son once ruled with an iron fist. One man challenged the status...more

Federal Court Compels Arbitration of Dodd-Frank Whistleblower Claim

In a recent decision, the U.S. District Court for the Western District of Wisconsin held that Dodd-Frank whistleblower claims (Section 922 claims) are subject to mandatory arbitration. Wussow v. Bruker Corp., No....more

What Financial Advisors Really Do

by Ary Rosenbaum on

One would think that the role of a retirement plan financial advisor is to pick plan investments. Most plan sponsors think that way and some financial advisors think that as well. Some financial advisors promote their...more

E.D. Pennsylvania Dismisses Dodd-Frank Whistleblower Claim After Plaintiff Fails to Qualify as a Whistleblower

On July 6, 2017, the U.S. District Court for the Eastern District of Pennsylvania dismissed a whistleblower claim after determining that the plaintiff did not qualify as a whistleblower under the Dodd-Frank Wall Street Reform...more

New SEC Chair Announces Guiding Principles

In remarks before the Economic Club of New York, new SEC Chairman Jay Clayton discussed eight guiding principles: Principle #1: The SEC’s mission is our touchstone. Investors and capital markets will suffer if the SEC...more

Advisors Advantage - July 2017

by Ary Rosenbaum on

Creating Content That Will "Click". It will help you in the long run. In the old days, newspaper and television advertising were the way that you could get your message across to potential clients and sources for...more

Tolling Securities Claims: “In No Event” Means ... What It Says

by Latham & Watkins LLP on

US Supreme Court: Securities Act’s 3-year statute of repose is not subject to equitable tolling, providing greater certainty to underwriters. Key Points: ..Case has significant implications for financial Institutions...more

WPI Insider Briefing: Workplace Policy under the Trump Administration Begins to Take Shape as "Repeal and Replace" of the ACA...

by Littler on

Five months into President Trump's term, his administration's workplace policy is beginning to take shape. From notable developments at the Department of Labor (DOL), to long-awaited nominations to the National Labor...more

Supreme Court to Decide Circuit Split on Dodd-Frank Whistleblower Protection

by Saul Ewing LLP on

In late June, the Supreme Court granted certiorari in Digital Realty Trust Inc. v. Paul Somers, No. 16-1276, to review whether Dodd-Frank whistleblower protection applies to employees who only report securities law violations...more

Chipping Away - Does the DOL's Fiduciary Rule Continue to Be on the Chopping Block?

by Dechert LLP on

The U.S. Department of Labor (the “DOL”) published in the Federal Register on July 6, 2017 a Request for Information (the “RFI”) regarding the final regulation defining who is a “fiduciary” of an employee benefit plan as a...more

ERISA Newsletter - Second Quarter 2017

by Proskauer Rose LLP on

Editor's Overview - Welcome once again to Proskauer's newly revamped ERISA Newsletter. As a reminder, readers can obtain the information in this Newsletter as it is published on our blog. Our featured article this...more

You don’t need to think just happy thought about the retirement plan business

by Ary Rosenbaum on

When I was at law school at American University Washington College of Law, I was the Executive Editor of The American Jurist. The Jurist was the student newsmagazine for my final year of law school....more

Beware of Insurance Brokers Masked as TPAs

by Ary Rosenbaum on

A friend of mine who is a financial advisor asked me about a third party administration (TPA) firm that is actually about a village over from where I live in Long Island. My friend has this prospect with a defined benefit...more

Supreme Court to Determine State Court Jurisdiction of Class Actions Under Securities Act of 1933

On June 27, the Supreme Court granted certiorari in Cyan Inc. et al. v. Beaver County Employees Retirement Fund et al., agreeing to weigh in on whether state courts have jurisdiction to hear class action lawsuits brought...more

The Rosenbaum Law Firm Review - June 2017

by Ary Rosenbaum on

Free Advice For 401(k) Plan Sponsors. Yes, it's free. They always say there is no such thing as a free lunch because most of the time, free has strings attached. Even when it comes to retirement plans, that free plan...more

DOL Again Seeks Comments on New Fiduciary Rules and Exemptions

On June 29, 2017, the Department of Labor (“DOL”) requested another round of public comment on its fiduciary rule—this time in the form of a Request (“RFI”) for Information. The RFI seeks input on (a) whether to extend the...more

FAQs for Fund Managers Related to DOL’S Fiduciary Rule which Became Partially Effective June 9, 2017

As stated in our May 25, 2017 Executive Compensation, Employee Benefits and ERISA Alert, the Department of Labor’s (DOL’s) new fiduciary rule (“Fiduciary Rule”) became partially applicable on June 9, 2017. Set forth below are...more

The Final Rule: The Fifth Request for Public Comments

On June 29, 2017, the Department of Labor (DOL) released a request for information (RFI), seeking public comments yet again on its new “investment advice” fiduciary definition and related exemptions (Final Rule) which became...more

The Supreme Court Holds Statute of Repose Cannot Be Equitably Tolled

Securities defendants can rest easier after the Supreme Court’s decision to strictly construe certain statutory time limits under the Securities Act of 1933. On June 26, 2017, the Court issued its opinion in California Public...more

Supreme Court Upholds Strict Time Limit in Federal Securities Class Actions

On June 26, 2017, the Supreme Court issued a 5-4 decision in California Public Employees’ Retirement System v. ANZ Securities, Inc., et al. (“CalPERS”) (No. 16–373, 2017 WL 2722415) (U.S. June 26, 2017), holding that the...more

Employee Benefits Developments - June 2017

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of June, 2017. Click through the links below for more information on each specific development or case....more

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