Builder of Investment Models Deviates From Blueprints Employee’s Rogue Remodeling Costs Builder Plenty -
The SEC’s recent order instituting administrative and cease-and-desist proceedings (OIP) against registered...more
5/8/2025
/ Algorithms ,
Annuities ,
Compensation & Benefits ,
Employee Benefits ,
Enforcement Actions ,
Financial Services Industry ,
Investment ,
Investment Adviser ,
Investment Funds ,
Investment Management ,
Life Insurance ,
Registered Investment Advisors ,
Retirement Plan ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
In Potovsky v. Lincoln Benefit Life Co., the Ninth Circuit Court of Appeals affirmed the dismissal of the insureds’ complaint for failure to sufficiently allege damages regarding the denial of a long-term care claim....more
5/1/2025
/ Appeals ,
Breach of Contract ,
Class Action ,
Denial of Insurance Coverage ,
Genetic Materials ,
Insurance Claims ,
Insurance Litigation ,
Life Insurance ,
Long-Term Care ,
Misrepresentation ,
Policy Terms ,
Putative Class Actions ,
State Privacy Laws
The Mysterious Boundary Beyond Which “Personal” Relationships Jeopardize a Director’s Independence -
In a recent enforcement action, the SEC concluded that the relationship between James Craigie and an officer of Church &...more
2/11/2025
/ Blockchain ,
Board of Directors ,
BSA/AML ,
Consumer Insurance Products ,
Corporate Governance ,
EFTs ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Fiduciary Duty ,
Investment ,
Investment Contract ,
Publicly-Traded Companies ,
Retirement ,
Securities and Exchange Commission (SEC) ,
Variable Insurance
In a split decision, the Tenth Circuit Court of Appeals recently affirmed summary judgment in PHT Holding I LLC v. Security Life of Denver Insurance Co., rejecting the plaintiff’s claim that the defendant-insurer breached the...more
Gone With the Wind?
Closed-End Funds Risk Extinction -
Shares of SEC-registered closed-end funds (CEFs) have long held significant potential advantages for some investors. For example, unlike shares of mutual funds...more
10/16/2024
/ Cybersecurity ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Insurance Regulations ,
Investment ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
NAIC ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Social Media
In Meyer v. Massachusetts Mutual Life Insurance Co., the U.S. District Court for the District of Colorado entered summary judgment for an insurer after video evidence showed that the insured was not entitled to the benefits...more
Last Lap in SEC RILA Rulemaking Critical Unresolved Issues -
Congress directed the SEC to adopt a new registration statement for registered indexed annuities (RILAs) by the end of June. Several months ago, the SEC...more
5/29/2024
/ Artificial Intelligence ,
Broker-Dealer ,
CFTC ,
Climate Change ,
Cybersecurity ,
Disability Discrimination ,
Disclosure Requirements ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
NAIC ,
NLRB ,
Private Equity ,
Private Funds ,
Private Placements ,
Proposed Legislation ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Whistleblower Protection Policies ,
Whistleblowers
Life Policy Lapse Shortly Before Insured’s Death -
In Simon v. USAA Life Insurance Co. (Mar. 29, 2024), the insurer denied death benefits under a term life insurance policy, which had lapsed for nonpayment of premium two...more
In Ross v. Venerable Insurance & Annuity Co., a Missouri appellate court reversed judgment in favor of the named beneficiary of a flexible premium deferred annuity contract. Following the annuitant’s death, the beneficiary...more
1/22/2024
/ Annuities ,
Appellate Courts ,
Appellate Rules ,
Beneficiaries ,
Breach of Contract ,
Disability Insurance ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employees ,
Insurer Liability ,
Life Insurance ,
Litigation Strategies ,
Summary Judgment
Funds Not Caged by SEC Names Rule Amendments: Roaming Room Remains -
The SEC recently adopted amendments to its investment company “names” rule that apply to most SEC-registered funds, including underlying funds in which...more
1/11/2024
/ Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Insurance Industry ,
Investment Funds ,
Life Insurance ,
Proposed Rules ,
Putative Class Actions ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Traders ,
Whistleblowers
For broker-dealers distributing and selling variable annuities, examinations will test for compliance with Reg BI and FINRA Rule 2330 because both standards apply to variable annuity sales. Firms distributing and selling...more
More than 25 years have elapsed since the SEC adopted Exchange Act Rule 17a-4(f) governing electronic recordkeeping by broker-dealers. In an effort to update the rule to reflect “technology neutral” concepts, the SEC adopted...more
STOLI -
We reported in detail on developments in the case law and legislation addressing stranger-originated life insurance (STOLI) policies in past issues of Expect Focus – Life, Annuity, and Retirement Solutions. ...more
The Federation of Americans for Consumer Choice Inc. (FACC), alongside and representing associated members of the FACC, filed a complaint against the U.S. Department of Labor (DOL) and Secretary of Labor Martin J. Walsh on...more
The first half of 2020 saw an uptick in the filing of class action lawsuits against life insurance companies.
Life insurance companies have continued to be the target of putative class actions in California challenging...more
The COVID-19 pandemic created a run on certain personal hygiene products due to the fear of a widespread outbreak in the United States. Those scarce supplies include hand sanitizer, disinfecting wipes, gloves, masks, and...more
4/11/2020
/ Antitrust Provisions ,
Antitrust Violations ,
Class Action ,
Coronavirus/COVID-19 ,
Corruption ,
Florida ,
Goods or Services ,
Internet Retailers ,
Popular ,
Price Gouging ,
Unfair or Deceptive Trade Practices
The California Supreme Court recently handed Northwestern Mutual Life Insurance Co. a decisive victory in a putative class action challenging the insurer’s assessment of compound interest on policy loans, holding that...more
The Securities and Exchange Commission’s Regulation Best Interest faces a bumpy road in the wake of recent lawsuits challenging the appropriateness and effectiveness of the rule....more
10/10/2019
/ Best Interest Standard ,
Broker-Dealer ,
Consumer Insurance Products ,
Dodd-Frank ,
Fiduciary Duty ,
Investment Adviser ,
Investment Management ,
Jurisdiction ,
Life Insurance ,
New Rules ,
Regulation Best Interest ,
Regulation BI ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Transactions ,
Standard of Conduct ,
Sua Sponte ,
Subject Matter Jurisdiction
Individualized defenses and choice-of-law issues played a key role in preventing class certification in a recent challenge to a life insurer’s discretion to adjust its “risk rates” on universal life (UL) insurance policies....more
In Jackson National Life Insurance Co. v. Dobbins, the Fifth Circuit Court of Appeals affirmed the district court’s grant of summary judgment for an insurer in an interpleader action, which resolved, among other things,...more
The Southern District of Indiana recently dismissed a putative class action alleging that the defendant-insurer improperly inflated premiums and cost of insurance (COI) rates on universal life policies....more
Interrogatories submitted to the jury are painstakingly negotiated by trial counsel. But what should you do if the jury goes off on its own, awarding damages that are beyond the scope of the interrogatories and evidence...more
The time for appealing from an order, whether final or non-final, is typically jurisdictional. If the appellant or petitioner misses the applicable deadline, the appellate court lacks jurisdiction to review the order on...more
Counsel contemplating an appeal often depend on the “tolling” effect of authorized post-judgment motions, which can extend an otherwise-applicable appeal deadline. In particular, in most federal civil cases, the appellant has...more
11/15/2017
/ Appeals ,
False Claims Act (FCA) ,
False Statements ,
False-Certification of Conformance ,
Final Judgment ,
For Profit Education ,
Motion to Dismiss ,
Motion To Stay ,
Preservation of Rights ,
Qui Tam ,
Statute of Limitations ,
Tolling
- Post-Daimler: Are Non-U.S. Companies Safe from Suit in U.S. Courts? What if the Non-U.S. Parent Registers to Do Business in a State?
- Rules of the (International) Road: Choosing and Appointing a Distributor
...more
8/26/2016
/ Argentina ,
Authentication ,
Brazil ,
Commercial Insurance Policies ,
Community Trademark ,
Cuba ,
Cybersecurity ,
DaimlerChrysler v Bauman ,
Distributors ,
EU ,
Foreign Corporations ,
General Jurisdiction ,
Hague Convention ,
Health Insurance ,
Infrastructure ,
Insurance Industry ,
Intellectual Property Protection ,
Patent Filings ,
Personal Jurisdiction ,
Popular ,
Project Finance ,
Public Private Partnerships (P3s) ,
Public Projects ,
Sales & Distribution Agreements ,
Solvency II ,
Special Purpose Vehicles ,
Travel Restrictions ,
UK ,
UK Brexit ,
Uniform Commercial Code (UCC)