Fiduciary Duty

News & Analysis as of

Supreme Court Weighs In On Insider Trading Law – Finds Giving Gifts Can Be Its Own Reward

In its decision issued yesterday in Salman v. United States, 580 U.S. __ (2016), the United States Supreme Court unanimously affirmed a criminal insider trading conviction even though there was no evidence that the tipper...more

In Salman v. United States, Supreme Court Holds that the Government Need Not Prove that an Insider Received a Pecuniary Benefit in...

On December 6, 2016, the Supreme Court issued a unanimous decision in Salman v. United States, holding that a tipper’s gift of confidential, inside information to a trading relative constituted a sufficient personal benefit...more

Second Court of Appeals Win for State Street Bank in $200 Million Chrysler “Top Hat Plan” Class Action

“Top hat plans” have many attractive features, but a new court decision is a reminder that top hat plan participants have limited protections under ERISA – and that assets held in a rabbi trust are not protected from the...more

Managers of insolvent Missouri LLCs have no fiduciary duty to creditors

Two recent federal court decisions establish that managers of financially troubled Missouri limited liability companies do not owe a fiduciary duty to creditors of their troubled enterprises. Imperial Zinc Corp. v. Engineered...more

2017 Labor & Employment Laws: New Year, New Government, New Challenges

On January 1, 2017, employers across the nation will face a host of new or amended federal, state, and/or local labor and employment requirements. At the same time, there is uncertainty as to how the Trump Administration and...more

The Death of Merger Litigation Part II – The North Carolina Business Court Puts a Nail in the Coffin

In a recent article entitled “The Death of Merger Litigation?”, we wrote about the Delaware Court of Chancery’s increasing refusal to approve disclosure-only settlements in shareholder lawsuits challenging public company...more

Supreme Court Reaffirms Personal-Benefit Requirement for Insider Trading

The Supreme Court confirmed today that the "personal benefit" required to establish a claim for insider trading can consist of making a gift of material, nonpublic information to a family member or friend and that an exchange...more

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

Workplace Policy Institute Insider Report - December 2016

Littler's WPI Insider Report details key labor, employment, and benefits news and events at the federal, state, local, and global levels. The December edition of the Insider Report discusses recent efforts to block...more

U.S. District Court: Fund Trustees Cannot Rely on Attorney-Client Privilege in Section 36(b) Case

A federal district court has ordered mutual fund trustees to produce privileged documents to a plaintiff who sued an investment adviser accused of charging excessive investment advisory fees. The November 21, 2016 order may...more

Real Estate – Fiduciary Obligations of Multiple Agents from One Brokerage

Hiroshi Horiike v. Coldwell Banker Residential Brokerage Co., et al. - Supreme Court of California (November 21, 2016) - In real estate transactions, it is not uncommon for one agent to represent both the buyer and...more

Banking & Financial Services E-Note - November 2016

Employers across the country can now exhale. On Tuesday, November 22, 2016, a Texas federal court entered a nationwide injunction blocking the U.S. Department of Labor’s (“DOL”) new federal overtime rules from taking effect...more

The ERISA Litigation Newsletter - November 2016

This month we review a recent Second Circuit decision addressing ERISA plan status as a class member in a securities shareholder class action. As discussed in the article, the decision exposes a potential conflict among the...more

Experts say Trump won’t delay or kill Fiduciary Rule

Experts claim that a President Donald Trump is likely to let the new Fiduciary Rule go into effect in April without trying to delay it or kill it. If I’m a betting man, I think they’re right....more

T&E Litigation Newsletter- November 2016 #2

The Supreme Judicial Court recently issued its decision in Degiacomo v. City of Quincy, No. SJC-11940, 2016 WL 6683970, at *1 (Mass. Nov. 15, 2016), which is the latest chapter in a story that began with a trust established...more

401(k) Plan Fee Litigation Update

The wave of fee litigation is ongoing and has significantly increased the responsibility of 401(k) plan fiduciaries to follow well documented, prudent processes to monitor 401(k) plan fees and expenses....more

Employee Benefits Developments - November 2016

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of November, 2016. ACA Information Reporting – Bad News and Good News - First, the bad news: The 2016 final...more

‘I’m yours … and yours’: California Supreme Court puts restrictions on ‘dual agents’

The California Supreme Court just closed a loophole as to whether a salesperson’s duties to a buyer in a real estate transaction – when that salesperson’s broker is acting as a “dual agent” – includes the duty to learn and...more

Face facts: Retirement Plan Sponsors Only Seek Help When They Need It

When I was at that semi-prestigious law firm many moons ago, I developed this plan review called the Retirement Plan Tune-Up. I’d look at the plan document, plan design, costs, the Fiduciary process, basically anything that...more

Your Daily Dose of Financial News

Loyal Starwood pointers have been waiting anxiously to hear what the hotel brand’s merger with Marriott will mean for their coveted reward system. They’ll have to wait a bit longer, but here are a lot of answers to other...more

The Battle Over the New Fiduciary Rule

On April 6, 2016, the U.S. Department of Labor (“DOL”) issued its final rule expanding the definition of the “investment advice fiduciary” under the Employee Retirement Income Security Act of 1974 (“ERISA”) and modifying the...more

Your Daily Dose of Financial News

A new trading link dropping next week will give international investors access to more than 800 stocks listed on China’s Shenzhen stock market, the boom/bust venue best known for its “rampant speculation”....more

Conflict of Interest Issues – A Significant Risk

In the risk mitigation business, we often focus on legal risks, such as anti-corruption, sanctions, export controls, antitrust and AML. As compliance programs mature, and the CCOs focus on proactive strategies, one key issue...more

Benefits Litigation Update – Fall 2016

A Publication from Epstein Becker Green and The ERISA Industry Committee - Epstein Becker Green and The ERISA Industry Committee (“ERIC”) are pleased to release the current issue of the Benefits Litigation Update...more

Are HR employees ‘investment advisors’ under the DOL’s fiduciary rule?

In April 2016, the Department of Labor promulgated final regulations that fundamentally changed the ERISA fiduciary rules governing advisors to retirement income investors. Though the rule is final, the new provisions...more

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