Labor & Employment Law, Finance & Banking, Civil Procedure

Another Business Owner Caught By Withdrawal Liability

by Angela Bohmann | Leonard, Street and Deinard - Employee... on 5/14/2013

I have blogged before [May 16, 2012, November 21, 2012, April 23, 2012, May 15, 2012, September 5, 2012] about the liability that can be imposed on businesses whose union employees participate in a multiemployer pension plan...more

Corporate and Financial Weekly Digest - May 10, 2013

by Katten Muchin Rosenman LLP on 5/13/2013

In this issue: - SEC Roundtable Discusses Current Securities Law Topics at 33rd Annual Ray Garrett Jr. Corporate and Securities Law Institute - SEC Reopening Comment Periods for Certain Rulemaking Releases and...more

The ERISA Litigation Newsletter - May 2013

by Justin Alex, Anthony Cacace, Doughlas Dahl, Lisa Berkowitz Herrnson, Jacklina Len, James R. Napoli, Brian S. Neulander, Myron Rumeld, Neal Schelberg | Proskauer Rose LLP on 5/13/2013

This month our articles focus on the availability of damages in complex ERISA class actions and withdrawal liability actions. Jackie Len first provides Proskauer's perspective on the implications for ERISA litigation arising...more

Ninth Circuit Holds that Federal Securities Laws Preempt California Labor Code's Ban on Forced Patronage at Brokerage Firms

by Bram Hanono, Jennifer Redmond, John Stigi | Sheppard Mullin Richter & Hampton LLP on 5/10/2013

In McDaniel v. Wells Fargo Investments, LLC, Nos. 11-17017, 11-55859, 11-55943, 11-55958, 2013 WL 1405949 (9th Cir. Apr. 9, 2013), the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of four class...more

District Court Limits the Collection of Withdrawal Liability Against Private Equity Funds

by Anthony Cacace, Neal Schelberg | Proskauer - ERISA Practice Center on 5/9/2013

In Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund, 2012 WL 5197117 (D. Mass. Oct. 18, 2012), a federal district court in Massachusetts concluded that a private equity fund was not a...more

Second Circuit Further Curtails Duty of Prudence Claims in Saint Vincent Catholic Medical Centers v. Morgan Stanley

by Jennifer Clark, Angelo Savino | Cozen O'Connor on 5/8/2013

In a line of recent cases, the 2nd Circuit has limited ERISA plaintiffs’ claims for breach of the duty of prudence by holding that investments of benefit plan funds in employer securities pursuant to plans calling for such...more

Court Upholds Validity of ERISA Fiduciary Indemnification

by David Ackerman, John Kober | Morgan Lewis on 5/7/2013

Ruling rejects DOL challenge of an agreement by a 100% ESOP-owned company to advance defense costs and indemnify a trustee....more

Obama Administration Seeks Supreme Court Review Of Recess Appointment Decision

by BuckleySandler LLP on 5/1/2013

On April 25, the DOJ and the National Labor Relations Board (NLRB) filed a petition seeking U.S. Supreme Court review of the D.C. Circuit Court’s January 25, 2013 decision invalidating the appointment of three NLRB members....more

Illinois Supreme Court Intervenes in Politically Charged State Pension Battle

by Kirk Jenkins | Sedgwick LLP on 4/23/2013

Earlier this month, the Illinois Supreme Court accepted its first direct appeal in over three years, agreeing to wade into the politically charged battle over state employee pension rights. The Court ordered the consolidated...more

Creditors Can Reach Benefits under "Top Hat" Plan, United States District Court of Maryland Rules

by Katherine Lange | Womble Carlyle Sandridge & Rice, PLLC on 4/17/2013

Executive Summary: ERISA “top hat” plan’s anti-alienation provision does not trump state garnishment laws. A familiar feature of ERISA is its protection of a participant’s retirement savings from creditors; ERISA...more

De-Risking On Trial? U.S. Verizon Litigation Still Active

by Carol Buckmann | Osler, Hoskin & Harcourt LLP on 4/12/2013

In our March 13 webinar on de-risking defined benefit pension plans, I stated that the U.S. litigation launched by a group of Verizon retirees challenging the annuitization of their pensions was not dead, even though a...more

Plan’s Funded Status Required to be Disclosed under Freedom of Information Request

by Stephanie Kauffman | Osler, Hoskin & Harcourt LLP on 4/5/2013

Pension plan sponsors may be surprised to learn that information provided to pension regulators pursuant to statutory filing obligations could be more widely disclosed through an “access to information” request. In a recent...more

Ninth Circuit Decides Selection Of Retail Mutual Funds Was A Breach Of Fiduciary Duty

by Jeffrey P. Cairns | Leonard, Street and Deinard - Employee... on 4/2/2013

On March 21, 2013 the Ninth Circuit Court of Appeals issued its opinion in Tibble v. Edison International, in which the Court ruled that the plan fiduciaries of the Edison 401(k) Savings Plan (the “Plan”) had breached their...more

U.S. Supreme Court Invites Solicitor General’s Views on Whether to Grant Review of Case Addressing Two Key Issues in ERISA...

by Paul Flum, Raymond Hasu | Morrison & Foerster LLP on 4/1/2013

On March 25, 2013, the U.S. Supreme Court invited the U.S. Solicitor General to express its views on whether the Court should grant a certiorari petition in Dudenhoeffer v. Fifth Third Bancorp, et al., No. 12-751. Although...more

Court Rewrites Plan to Increase Benefits

by King & Spalding on 3/29/2013

The Supreme Court’s 2011 CIGNA v. Amara decision suggested that an employer’s pension plan could be rewritten to remedy the employer’s failure to fulfill its disclosure obligations under the Employee Retirement Income...more

Carrigan Case: Supreme Court of Canada Dismisses Leave to Appeal

by Douglas Rienzo | Osler, Hoskin & Harcourt LLP on 3/29/2013

This morning, the Supreme Court of Canada dismissed the application for leave to appeal in Carrigan v. Carrigan Estate. As a result, the Ontario Court of Appeal’s new interpretation of the priority scheme for the payment of...more

Ninth Circuit Rules on Breach of Fiduciary Duty Claim in Investment Options Case

by Anthony Cacace | Proskauer - ERISA Practice Center on 3/29/2013

In Tibble v. Edison Int’l, 10-cv-56406, 2013 WL 1174167 (9th Cir. Mar. 21, 2013), the Ninth Circuit Court of Appeals ruled that 401(k) plan fiduciaries breached their duty of prudence in selecting investment options for the...more

Supreme Court denies banks’ appeal in overtime class actions

by Ranjan K. Agarwal | Bennett Jones LLP on 3/29/2013

Last week, the Supreme Court of Canada denied CIBC and Bank of Nova Scotia leave to appeal the decisions against them in the overtime class actions. In June 2012, the Court of Appeal for Ontario certified class actions...more

Legal Alert: Retained Asset Account Litigation—Summary Judgment Entered for MetLife

by Brendan Ballard, Phillip Stano, Steuart Thomsen | Sutherland Asbill & Brennan LLP on 3/21/2013

On March 8, 2013, the U.S. District Court for the District of Nevada, Judge Larry R. Hicks presiding, granted the defendant - insurer’s motions for summary judgment in the consolidated, putative class actions, Keife v....more

Third Circuit: Securities Fraud Liability May Be Imputed To Employer Whose Employee Ran Ponzi Scheme On The Side

by M. Duncan Grant, William Liess | Pepper Hamilton LLP on 3/12/2013

On February 22, 2013, in the precedential opinion in Belmont v. MB Inv. Partners, Inc., a unanimous panel of the U.S. Court of Appeals for the Third Circuit (Judges Anthony J. Scirica, D. Michael Fisher and Kent A. Jordan)...more

Section 409A Tax Assessed An Discounted Stock Options – Taxpayer Sues For Refund In Federal Court Of Claims

by Jeffrey P. Cairns | Leonard, Street and Deinard - Employee... on 3/8/2013

Code Section 409A which was effective in January 1, 2005, provides strict rules that must be applied to most deferred compensation arrangements accruing benefits after the effective date. Failure to comply with the Code and...more

Will New U.S. Court Of Appeals Decision On ‘Recess Appointments’ Stay Dodd-Frank Powers Granted To CFPB And Vacate Certain...

by Gary Apfel, Richard Eckman, Timothy R. McTaggart, Matthew R. Silver, Richard Zack | Pepper Hamilton LLP on 3/5/2013

Holding that recess appointments authorized by the Recess Appointments Clause of the U.S. Constitution are limited to “intersession recesses” – “the period between sessions of the Senate when the Senate is by definition not...more

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Labor & Employment Law › Finance & Banking › Civil Procedure