News & Analysis as of September 19, 2024

Supreme Court of the United States › Mutual Funds

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The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term. The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -

2024 SEC Examination Priorities –Takeaways for Registered Fund and BDC Managers

Proskauer Rose LLP on 10/25/2023

On October 16, 2023, the Division of Examinations (the "Division") of the U.S. Securities and Exchange Commission ("SEC") released its 2024 Examination Priorities ("Annual Priorities").[1] Unlike in previous years when the...more

Syndicated Loans are Not Securities, Court Rules

Harris Beach PLLC on 9/28/2023

In a win for banks and private credit lenders, the U.S. Court of Appeals, Second Circuit recently ruled a $1.8 billion leveraged loan was not a security. The United States syndicated loan market had been anxiously...more

Industry Coalition Unites to Support Dismissal of ERISA Fiduciary-Breach Claims Related To BlackRock Target Date Funds

Proskauer - Employee Benefits & Executive... on 2/24/2023

The filing of a new 401(k) plan “excessive fee” or “investment underperformance” complaint is hardly “news” these days given the proliferation of suits that have been filed over the past several years. In fact, hardly a week...more

U.S. Supreme Court to Hear Foreign Financial Account Penalty Case

Levenfeld Pearlstein, LLC on 10/6/2022

$50,000 or $2.72 million? Those are the penalty amounts for the non-willful failure to timely file to report foreign financial accounts at issue in U.S. v Bittner, which will be argued before the U.S. Supreme Court in...more

Inside the Courts – An Update From Skadden Securities Litigators - March 2019

Skadden, Arps, Slate, Meagher & Flom LLP on 3/14/2019

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between December 2018 and February 2019....more

Your Daily Dose of Financial News

Robins Kaplan LLP on 2/23/2018

The Chinese government has seized control of Anbang Insurance Group, the formerly staid insurance conglomerate with a murky leadership structure that in recent years has amassed billions in debt through a global acquisition...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 5/2/2017

Investors’ decreasing appetite for actively managed mutual funds appears to have helped drive the major shake-up at AllianceBernstein Holding, which said so long to CEO Peter Kraus and removed nine board members in favor of 6...more

Are You Prepared for Disruption? New regulations, new challenges and opportunities [Expect Focus – Vol. II, July 2016]

Carlton Fields on 8/29/2016

- Fed Takes First Steps Toward Setting Capital Requirements for Some Insurers - New Wave of COI Rate Increase Lawsuits Hits the Industry - STOLI Policies Cancelled, Insurers Retain Premium -...more

Financial Services Weekly News - May 2016 #3

Goodwin on 5/19/2016

Regulatory Developments - SEC Publishes Small Entity Compliance Guide for Crowdfunding - On May 13, the Securities and Exchange Commission (SEC) published a small entity compliance guide for companies wishing to...more

Corporate Investigations & White Collar Defense - October 2015

Manatt, Phelps & Phillips, LLP on 10/23/2015

"Wherefore Art Thou Due Process?" Part III - Why it matters: It is time for another installment in our continuing "Wherefore Art Thou Due Process?" coverage into the ongoing constitutional challenges to the SEC's...more

Investment Management Update - October 2015

Ballard Spahr LLP on 10/15/2015

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. Schwab...more

EXPECT FOCUS: Onboard Technology, NAIC Cybersecurity, DOL, ACA Litigation, SEC Regulation (Vol. III, Summer 2015)

Carlton Fields on 10/8/2015

In This Issue: IN THE SPOTLIGHT - - Your Data Breach Collided With My Personal Injury Coverage LIFE INSURANCE - - Phantom Injury Dooms “Shadow Insurance” Case - Latest NAIC Cybersecurity News ...more

Financial Services Quarterly Report - Third Quarter 2015: Recent Developments in U.S. “Excessive Fee” Litigation

Dechert LLP on 10/7/2015

The U.S. mutual fund industry is poised to see significant developments in the ongoing wave of Section 36(b) “excessive fee” litigation. Days apart in August, the Seventh Circuit Court of Appeals affirmed the grant of summary...more

Supreme Court Emphasizes Requirements About Selecting and Monitoring Plan Investments

Laner Muchin, Ltd. on 9/25/2015

Plan administrators, investment committees and any other plan fiduciary responsible for selectingthe investment options of an employee benefit plan subject to ERISA should take note of the recent U.S. Supreme Court ruling in...more

A Compilation of Enforcement and Non-Enforcement Actions

Foley & Lardner LLP on 8/31/2015

Non-Enforcement - Form PF — What Purpose? SEC registered investment advisers with at least $150 million of assets under management in private funds are required to periodically file Form PF with the SEC. The...more

Seventh Circuit Affirms District Court on Remand in Jones v. Harris Associates

K&L Gates LLP on 8/24/2015

In Jones v. Harris Associates L.P., the Supreme Court adopted the Gartenberg standard for cases brought under Section 36(b) of the Investment Company Act of 1940: “[T]o face liability... an investment adviser must charge a...more

SEC Puts Janus in its Place

Carlton Fields on 6/22/2015

Interpretive positions adopted in a recent SEC opinion will, if accepted by the courts, greatly undermine the significance of the U.S. Supreme Court’s 2011 opinion in Janus Capital Group, Inc. v. First DerivativeTraders. ...more

SCOTUS Reinforces ERISA Fiduciaries' Continuing Duty To Monitor Plan Investments

Baker Donelson on 6/17/2015

Recently, in Tibble v Edison International, 575 U.S.(2015), the United States Supreme Court addressed the application of the Employment Retirement Income Security Act (ERISA) statute of limitations for violations of fiduciary...more

Supreme Court Expands Scope of Fiduciary Liability

Cozen O'Connor on 5/29/2015

In Tibble v. Edison International, the U.S. Supreme Court expanded the scope of the duty of prudence owed by ERISA fiduciaries. Although ostensibly a case about the statute of limitations, the Court ruled that trustees of...more

Financial Services Weekly News Roundup - May 2015 #5

Goodwin on 5/28/2015

SEC Enforcement Action on FCPA Compliance – Check the Box Is Not Enough. On May 20 the SEC announced that global resources company BHP Billiton had agreed to pay $25 million to settle charges that it had violated the...more

Supreme Court: 401(k) Plan Fiduciaries Have An Ongoing Duty To Monitor

Stinson - Benefits Notes Blog on 5/22/2015

In April 2013 I reported on the 9th Circuit Court of Appeals decision in Tibble v. Edison International which involved an alleged breach of fiduciary duty by the Edison 401(k) Savings Plan committee selecting six retail...more

Supreme Court Instructs Ninth Circuit to Consider Common Law of Trusts in Applying ERISA's Statute of Limitations

Eversheds Sutherland (US) LLP on 5/21/2015

The Supreme Court has once again emphasized the importance of ERISA’s origins in the common law of trusts, this time in interpreting its statute of limitations. On May 18, the Court reversed the Ninth Circuit’s decision in...more

Supreme Court Clarifies Scope of Fiduciary Duty Under ERISA

Carlton Fields on 5/20/2015

On May 18, the Supreme Court held, in Tibble v. Edison International that a fiduciary “has a continuing duty to monitor trust investments and remove imprudent ones. This continuing duty exists separate and apart from the...more

Supreme Court to Review Application of ERISA’s Six-Year Statute of Limitations in Tibble v. Edison Int’l.

McDermott Will & Emery on 10/8/2014

On October 2, 2014, the Supreme Court of the United States granted the plaintiffs’ petition for a writ of certiorari in Tibble v. Edison International to answer “Whether a claim that [Employee Retirement Income Security Act]...more

Investment Management Update

Ballard Spahr LLP on 7/11/2014

In July 2014, the SEC settled the previously reported proceeding involving Chariot Advisors, and its former owner, Elliott Shifman, concerning charges of violating and aiding and abetting the violation of Section 15(c) of the...more

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Supreme Court of the United States › Mutual Funds

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