News & Analysis as of

Fiduciary Duty

Nevada Supreme Court Adopts Delaware’s Tooley Test to Determine Whether Shareholder Claims are Direct or Derivative

In Parametric Sound Corp. v. The Eighth Judicial District Court of the State of Nevada, ___ P.3d ___, 2017 WL 4078845 (Nev. Sept. 14, 2017), the Nevada Supreme Court addressed the circumstances under which breach of fiduciary...more

Washington Bad Faith Law At A Glance

by Sedgwick LLP on

In all insurance matters, all persons owe a duty of good faith, to abstain from deception, to practice honesty and equity, and to preserve inviolate the integrity of insurance. RCW 48.01.030; Appendix A. A cause of action...more

Investment Services Regulatory Update - September 2017

by Vedder Price on

Market and Product Developments - Securities Industry Implements T+2 Settlement Cycle - On September 5, 2017, the securities industry transitioned to a shorter settlement cycle for most broker-dealer securities...more

All that Glimmers is Not [Insurance Agency] Gold

by Nexsen Pruet, PLLC on

Diversity jurisdiction requires complete diversity among plaintiffs and defendants. While it is difficult for a defendant to remove a case with a nondiverse defendant, removal can be accomplished through the doctrine of...more

SEC Files Administrative Proceeding Against An Investment Services Firm For Improperly Recommending Higher-Fee Mutual Funds To...

by Shearman & Sterling LLP on

On September 14, 2017, the Securities and Exchange Commission (“SEC”) filed an administrative proceeding against SunTrust Investment Services, Inc. (“STIS”), the investment services subsidiary of SunTrust Banks. STIS...more

Key Texas M&A Issues (Presentation)

by Jackson Walker on

Agenda - Letters of Intent - Best Efforts - Indemnification - Sandbagging - Non-Reliance - Fiduciary Duties - Letters of Intent: • Buyer may seek letter of intent that is generally not binding on either party...more

Unclear Writing Creates ERISA Liability

by Sherman & Howard L.L.C. on

An employer breached its fiduciary duty under ERISA by failing to inform benefit plan participants of the covered health insurance benefits in terms a reasonable person would understand. The employer was the plan...more

Developments in Association Law, 2016 – 2017

There have been important legal developments at the federal and state levels for nonprofit organizations. - Takeaways - Nonprofits continue to experience Federal government and private litigant antitrust enforcement....more

The Trouble With 401(k) Investment Policies

by SmithAmundsen LLC on

The most common area in which 401(k) plans are being scrutinized these days is in their selection and design of investment offerings. While participants often get to direct how their funds are invested, that direction is...more

Edison must pay in long running Tibble lawsuit

by Ary Rosenbaum on

A federal court ruled that Edison International must pay more than $7.5 million to compensate plan participants for its decision to include high-fee retail share mutual funds in its 401(k) plan when identical institutional...more

Finding the Unicorn in Lender Liability Litigation

by Bryan Cave on

Investors frequently talk in terms of trying to find the next unicorn, that small start-up company that is going to turn into a billion dollar valuation. Lawyers are like that as well, always looking for that new decision...more

Did You Know You’re an Escrow Agent?

by Locke Lord LLP on

Many purchase/sale transactions require payments into escrow. Sometimes counsel for one of the parties acts as escrow agent to keep the fees down. Providing such a service has its risks. In Alexander O&G, LLC v. Nomad...more

Chris Lazarini Examines Unconscionability Claims in Arbitration Clause

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini examined a case in which a plaintiff filed a breach of fiduciary duty claim in federal court and opposed defendants' efforts to move the claims to arbitration. The plaintiff claimed...more

In A Post-Trial Opinion, Delaware Court Of Chancery Dismisses Breach Of Contract And Fiduciary Duty Claims For Lack Of Personal...

by Shearman & Sterling LLP on

On September 1, 2017, Vice Chancellor Tamika Montgomery-Reeves of the Delaware Court of Chancery dismissed claims for breaches of contract and fiduciary duty brought by plaintiffs against a prospective business partner,...more

Funds Talk: September 2017 - Fiduciary Rule Update – September 2017

The long-anticipated and often-delayed new fiduciary rule under the Employee Retirement Income Security Act of 1974, as amended (ERISA) finally went into effect on June 9, with transition relief blunting its impact until...more

The Final Rule: DOL Proposes to Extend Transition Period until July 1, 2019, and Issues Additional Non-Enforcement Policy for...

By a notice published in the Federal Register on August 31, 2017, the Department of Labor proposed to extend from January 1, 2018, until July 1, 2019, the date for compliance with the full conditions in its new “investment...more

Wisconsin High Court Affirms High Summary Judgment Bar to Trade Secret Misappropriation Claims

by Seyfarth Shaw LLP on

A recent decision from the Supreme Court of Wisconsin affirmed a trial court’s grant of summary judgment in favor of a defendant accused of conspiring to misappropriate its competitor’s trade secrets. By a 4-3 decision in...more

Recent Plan Fiduciary Victories in ERISA Single-Stock Fund Litigation

by Morgan Lewis on

Even with these victories, continuing risks remain for plan fiduciaries. Over the last few months, there have been a significant number of court decisions ruling against plaintiffs alleging ERISA breach of fiduciary claims...more

New Texas Statutes That Impact Fiduciaries Become Effective Today (9/1/2017)

by Winstead PC on

The Texas Legislature passed, and the Governor has signed, a new act that creates new protections for vulnerable individuals. This impacts financial institutions, broker/dealers, and investment advisors. ...more

Department of Labor Proposes 18-Month Delay in Applicability Date for Portions of Fiduciary Rule

by Ropes & Gray LLP on

On August 31, 2017, the U.S. Department of Labor (the “DOL”) published proposed amendments to the Best Interest Contract Exemption and other exemptions that would delay the applicability date of many of the requirements for...more

Debt Dialogue: August 2017 - Admitting an Inability to Pay Debts as They Become Due: What Does It Mean?

Among the litany of events of defaults often found in indentures and other credit documents is an issuer’s admission in writing of its inability to pay its debts as they come due. Like other insolvency events of default, this...more

Dealing with an Unsolicited Offer - The Bank Account

by Bryan Cave on

On today's episode Jonathan Hightower and Rob Klingler discuss how to handle unsolicited offers for your bank....more

If You’re A Plan Sponsor, A Scanner Can Be A Good Friend

by Ary Rosenbaum on

Being a plan sponsor is a tough job and the amount of paperwork that goes with it can be overwhelming. The paperwork includes plan documents, summary plan descriptions, amendment, valuations, trusts statements, and payroll....more

DOL Announces New Enforcement Policy on BIC Arbitration Limitation Class Actions

by Carlton Fields on

In order for fiduciaries to receive compensation that varies based on their investment advice (e.g., commissions) or from third parties in connection with their advice (e.g., revenue sharing), they must comply with a...more

DOL to Postpone Deadline for Fiduciary Rule

by Burr & Forman on

The Department of Labor has received OMB certification, and sought expedited notice-and-comment, for a rule change that would postpone the full implementation deadline for its Fiduciary Rule from January 1, 2018 until July 1,...more

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