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Did Santa Give the Insurance Industry a Lump of Coal or a Diamond in the Rough? The Proposed Suitability and Best Interest...

by Carlton Fields on

As reported in our November 28 client alert, the National Association of Insurance Commissioners’ (NAIC) Annuity Suitability Working Group (Suitability WG) circulated the proposed Suitability and Best Interest Standard of...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #4 - Q&As on Annuity Sales Practices,...

by Carlton Fields on

For the past several months, we have written about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This article continues that discussion. ...more

Pension schemes and VAT: where are we now?

by Hogan Lovells on

HMRC has confirmed that existing arrangements enabling employers to reclaim VAT in respect of pension scheme administration costs borne by scheme trustees may continue. Please see full Publication below for more...more

The DOL Fiduciary Rule: Charting A Course, Avoiding Collisions & Potential Litigation Q&A #4 - Q&As on Annuity Sales Practices,...

by Carlton Fields on

For the past several months, we have written about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This article continues that discussion. Recall...more

Treasury’s Third Report on Financial System Regulation Focuses on the Asset Management and Insurance Industries

by Dechert LLP on

The U.S. Department of the Treasury (Treasury) recently released a report examining the regulatory framework for the asset management and insurance industries (Report). The Report is the third in a series of four reports that...more

Treasury Report Addresses Regulatory Approaches Affecting Investment Companies and Their Advisers

by Pepper Hamilton LLP on

As required by President Trump’s Executive Order 13772, the U.S. Department of the Treasury issued a report, “A Financial System That Creates Economic Opportunities, Asset Management and Insurance,” addressing the regulatory...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #2 - Q&As on Annuity Sales Practices,...

by Carlton Fields on

Last month, we wrote about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This paper continues that discussion. I emphasize to the reader that...more

The Fiduciary Rule Status Update

by Carlton Fields on

On April 8, the Department of Labor published the so-called "Fiduciary Rule." It defines who is an employee benefit plan’s "fiduciary" for purposes of the Employee Retirement Income Security Act (ERISA) and the Internal...more

DOL Fiduciary Rule Status Update for Fraternal Benefit Societies

by Stinson Leonard Street on

In papers filed as part of a lawsuit in the U.S. District Court for the District of Minnesota, the Department of Labor (DOL) has stated that they are considering a further delay of the effective date for full implementation...more

The $100 Million Question is Answered With Extrinsic Evidence, Not Contra Proferentem

by Murtha Cullina on

Last October, we reported on the issues at stake in Gold v. Rowland, the class action that claims that Connecticut state employees were members entitled to shares of stock when their insurer, Anthem, demutualized in 2001. The...more

DOL “Investment Advice” FAQs: Considerations for Investment Advisers, Broker-Dealers and Insurance Companies

by Dechert LLP on

The U.S. Department of Labor (DOL) issued in April 2016 the final version of its controversial “investment advice” regulation and various related exemptions (collectively, Final Rules), which are widely expected to have a...more

New UK Regulations to Govern Whistleblowing in Financial Institutions

This month, the FCA and PRA announced a new regime for whistleblowing that will start to be phased in from March 2016. This is part of the broader desire on the part of the UK regulators to encourage individuals to raise...more

What Questions Executives Should Be Asking About Their D&O Insurance Following The New DOJ Policies Issued Last Week

As was recently reported in the New York Times and elsewhere, the Justice Department issued new policies last week that place individual executives as the focus of their prosecution efforts, and encourage companies to...more

The ERISA Litigation Newsletter - July 2015

by Proskauer Rose LLP on

Editor's Overview - This month's article by Lindsey Chopin discusses Affordable Care Act ("ACA") litigation. Just five years old, the Supreme Court has considered issues related to the ACA numerous times. Two of those...more

U.S. Department of Labor Re-Proposes Rules Governing the Definition of “Fiduciary”—Part 2: The “Best Interest Contract” Exemption

In Part 1 of this series, we reported on recently proposed regulations issued by the U.S. Department of Labor amending the definition of the term “fiduciary” under the Employee Retirement Income Security Act (“ERISA”) and the...more

More ERISA Complications

by Weintraub Tobin on

In passing the Employee Retirement Security Act of 1974 (“ERISA”), Congress sought to make it as easy and economical as possible for employers to provide benefits to their workers; for example, pensions, health insurance,...more

Insights and Strategies on Class Action Litigation from General Counsel and Chief Legal Officers

by Carlton Fields on

To read the full 2015 Class Action Survey report, please visit ClassActionSurvey.com. Across industries, companies spent $2 billion on class action lawsuits in 2014, slightly less than the $2.1 billion they spent in 2013....more

SEC Issues Rule 482 No-Action Relief to Non-ERISA 403(b), 457 Plans

by Franczek Radelet P.C. on

The Securities and Exchange Commission (SEC) issued a no-action letter extending relief to certain investment-related information provided to participants in non-ERISA 403(b), 457(b), and other qualified participant-directed...more

The Directed Trustee in the Post-Dudenhoeffer World

by McDermott Will & Emery on

Overview - Court cases challenging the actions of Employee Retirement Income Security Act fiduciaries have continued unabated since the scandal of Enron in 2002. Since then, a large number of cases are in the ‘‘stock...more

New Municipal Redevelopment Law Signed into Law in New Jersey

by Patrick J. McNamara on

New Municipal Redevelopment Law Signed into Law in New Jersey by Patrick McNamara on September 20, 2013 Gov. Chris Christie has signed legislation that will change the rules for New Jersey redevelopment projects. The...more

New York Appellate Court Clarifies Fidelity Bond "Direct Loss" Requirement

by K&L Gates LLP on

In a unanimous July 16th decision, the New York Appellate Division held that MF Global, Inc.’s loss sustained on account of the commodities trading activities of its employee was a “direct financial loss” under MF Global’s...more

Employment Law -- Jun 19, 2013

Exempt or Nonexempt, That is The Question - Employers who believe in multitasking could be facing unpaid overtime suits from managers after the California Court of Appeal ruled that a grocery store manager could not...more

Insurance Coverage for Class Action Lawsuits

by BakerHostetler on

Upon learning that his obituary had been published in the New York Times, Mark Twain famously quipped, “Reports of my death have been greatly exaggerated.” The same can be said about class action lawsuit filings after the...more

New Rules Coming into Effect Affect Retirement Plans Entering into Swaps

by King & Spalding on

New rules affecting ERISA-covered retirement plans entering into swap transactions will come into effect in May 2013. These rules, known as the “Business Conduct Standards,” implement certain provisions of the Dodd-Frank...more

District Court Declines to Hold Private Equity Funds Liable for Portfolio Company Withdrawal Liability

by King & Spalding on

In Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund, a U.S. district court in Massachusetts held that investment funds managed by private equity firm Sun Capital Advisors, Inc. (“Sun...more

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