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The SEC’s Cyber Unit Files Its First Complaint Against an “Initial Coin Offering”

by Burr & Forman on

Implemented in September, the Securities Exchange Commission’s (“SEC”) Cyber Unit has brought its first enforcement action against an “Initial Coin Offering” (“ICO”) called PlexCoin. ICOs, which are listed on digital...more

Further Implementation of the Market Abuse Regulation, European Capital Markets Update

by Jones Day on

On 31 July 2017, a new law was adopted to further implement and ensure the effectiveness of Regulation 596/2014 on market abuse ("Market Abuse Regulation"). This new law amends the law of 2 August 2002 on the supervision of...more

Department of Labor Extends Transition Period for Exemptions Under the Fiduciary Rule

On November 27, 2017, the U.S. Department of Labor (DOL) extended the transition period for its conflict of interest regulation (commonly referred to as the "fiduciary rule") until July 1, 2019....more

Employee Benefits Developments - November 2017

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of November 2017. Minimum Required Distributions – IRS Guidance for Handling Missing Participants - Missing...more

CFPB changes direction in enforcement action; Mulvaney names senior advisor

by Ballard Spahr LLP on

A new filing by the CFPB in its action against Nationwide Biweekly Administration Inc. may be an indicator of the enforcement philosophy of Mick Mulvaney, President Trump’s designee as CFPB Acting Director, and how that...more

SEC Files Emergency Action to Halt Alleged ICO Scam

by Perkins Coie on

On Friday, December 1, 2017, the SEC filed an emergency action in federal district court in Brooklyn alleging that Dominic Lacroix and Sabrina Paradis-Roger, both from Quebec, Canada, raised approximately $15 million in a...more

SEC Enforcement Division Releases 2017 Annual Report as Industry Looks Ahead to 2018

by Dechert LLP on

Stephanie Avakian and Steven Peikin, the new Co-Directors of the U.S. SEC Enforcement Division (“Division”), released a report on November 15, 2017, summarizing the Division’s enforcement activity for the fiscal year ending...more

Department of Labor Finalizes 18-Month Delay of Fiduciary Rule Exemptions

On November 27, 2017, the Department of Labor (“DOL”) finalized the delay of the applicability date for certain conditions for exemptions to the fiduciary rule until July 1, 2019. This delay was initially proposed in late...more

Former Municipal Official in the Spotlight as SEC Files Complaint Charging Securities Fraud and DOJ Files Superseding Indictment...

by Bracewell LLP on

On November 21, 2017, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint charging Oyster Bay, New York (the “Town”), along with its former Supervisor and Chief Executive Officer, John Venditto, with...more

Get fiduciary liability insurance

by Ary Rosenbaum on

The warranty in the electronics business is gravy for the retailers who sell it. You’ll be surprised how many people pay $20 to get a warranty on a $100 Blu-Ray player. When Best Buy was going national, they advertised how...more

The SEC Enforcement Division 2017 Annual Report: Continued Focus On Individual Wrongdoers And Enhanced Protections For The “Main...

Almost a year into the new administration, the U.S. Securities and Exchange Commission’s Division of Enforcement released its annual report last week, providing a recap of the SEC’s enforcement results over the past 12...more

Nordstrom is the latest large employer sued over their 401(k) plan

by Ary Rosenbaum on

The department store business model is selling items at high prices with the heavy end of season discounting. Now if only Nordstrom did the same with their nearly $3 billion 401(k) plan....more

Supreme Court of Canada holds banks liable in fraud scheme

by Dentons on

In a recent Supreme Court of Canada (SCC) decision, the SCC reinforced its position regarding the allocation of liability in cases involving fraudulent cheque schemes. In a narrow 5-4 decision, the majority held that...more

Chris Lazarini Analyzes Case Alleging Conspiracy Against FINRA and an Email Archiving Vendor

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a case in which Plaintiffs, attempting to overcome an earlier dismissal of their claims, alleged a conspiracy between an email archiving vendor and FINRA in support of their...more

News Flash: Kleptocrats Still Taking Bribe Money With One Hand and Laundering it With the Other

The summer of 2017 saw the U.S. Department of Justice’s docket still teeming with Foreign Corrupt Practices Act (FCPA) cases. In this post, we draw a few lessons from three of them, which bring together three threads that...more

SEC Releases FY 2017 Enforcement Results: Maintaining Focus on Individual Accountability and Investment Advisers

Last night, the SEC announced its enforcement results for the Fiscal Year 2017, accompanied by a report from the Co-Directors of its Division of Enforcement. While the total number of actions was down slightly from 2016, the...more

Stealing plan assets is easier than you think

by Ary Rosenbaum on

A third party administrator (TPA) and/or plan fiduciary stealing plans assets is easier than you think. The rumor that TPA Vantage Benefits stole $14 million from 6-7 of their clients shouldn’t be surprising to me because I...more

401K Not OK: ERISA Class Certified Under Rule 23(b)(1)(B)

by Carlton Fields on

A New York district court granted certification in an ERISA class action brought by employees of Deutsche Bank alleging the individual fiduciaries of the company’s retirement plan engaged in self-dealing and mismanagement of...more

Did Vantage Take Advantage?

by Ary Rosenbaum on

Well over a week ago, I got the startling news that the FBI closed down the office of Vantage Benefits, a Dallas based third-party administrator. I didn’t make any comment on it until it was properly reported that their...more

Location, location, location – situs of the debt owed under letters of credit – Taurus Petroleum Limited v. State Oil Marketing...

by Dentons on

This judgment of the Supreme Court was given in the context of proceedings to enforce an arbitration award. It is interesting in its consideration of...more

ERISA’s Six-Year Statute of Repose for Fiduciary-Breach Claims Can Be Tolled

The Eleventh Circuit ruled that ERISA’s six-year statute of repose can be tolled by the parties even though it is a statute of repose. During pre-litigation negotiations between the U.S. Department of Labor and a trustee of...more

Well here is where an advisory firm gets in trouble

by Ary Rosenbaum on

A good chunk of my work as an ERISA attorney is working with financial advisory firms in managing their retirement plan practice especially with 401(k) plans. I have many registered investment advisory clients around the...more

District Of South Carolina Denies Motion To Dismiss Action Involving Fronting Relationship

by Carlton Fields on

Applying Delaware law, a South Carolina District Court found Plaintiff had properly pled its causes of action for breach of contract, breach of fiduciary duty, negligence/gross negligence and negligent misrepresentation...more

FCPA Compliance Report-Episode 353-Vin DiCianni

by Thomas Fox on

In this episode, I visit with Vin DiCianni, President and Founder of Affiliated Monitors, Inc. on pro-active monitoring. We discuss the recently announced strategic alliance between Affiliated Monitors, the US’s premier...more

Find those “missing” plan participants

by Ary Rosenbaum on

Missing plan participants are usually only an issue when a retirement plan decides to terminate and wants to avoid dragging out the process and having to file another Form 5500....more

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