News & Analysis as of

401k Financial Institutions

Ruder Ware

How is That Account Titled?

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My husband just recently opened a new account at one of those online, do-it-yourself, investment companies.  He promises that with the tiny amount of money I was willing to allow him to experiment with that he will make us...more

Robins Kaplan LLP

U.S. GDP Slows in Q1 But Shows Strong Consumer Spending

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New GDP figures in yesterday showed slight, inflation-adjusted contraction of the U.S. economy (just .4%), but the decline “masked evidence of a recovery that economists said remained fundamentally strong.” Especially...more

Faegre Drinker Biddle & Reath LLP

SLOW Your Roll: DOL Temporarily Halts Enforcement of Compliance with PTE and ERISA Fiduciary Obligations for Rollover Advice

Benjamin Franklin once said “don’t put off until tomorrow what you can do today.” While that is always prudent advice, the Department of Labor (DOL) believes it’s best to grant an extension to investment advisors and...more

Proskauer - Employee Benefits & Executive...

District Court Denies Interlocutory Appeal for Novel Issue of “Hardwired” 401(k) Plans

A federal district court in Maryland recently declined to certify an interlocutory appeal to the Fourth Circuit on the issue of whether financial institutions can “hardwire” a preference for their own proprietary investment...more

Goodwin

Financial Services Weekly Roundup: The CFPB Digs Into “Seasoned” Qualified Mortgages

Goodwin on

In the News. The Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking to create a new category of “seasoned” qualified mortgages; the Securities and Exchange Commission’s (SEC) Office of...more

Proskauer - Employee Benefits & Executive...

First Round of Robo-Advisor Fee Litigation Goes to Record-Keepers

Since 2016, record keepers for large 401(k) plans have been defending litigation over investment advice provided by the Financial Engines investment advice algorithm. (This kind of arrangement is commonly referred to as...more

Ruder Ware

Simple IRA Retirement-saving Solution

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Originally published on Badger Common'Tater - November 2017 Workplace retirement programs play an important role in attracting and retaining employees, helping workers (and owners!) save, and provide significant tax...more

Carlton Fields

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

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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

Burns & Levinson LLP

Can Financial Institutions Use In-House Funds for Their Own Retirement Plans?

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Financial institutions that sell mutual funds to the public often maintain 401(k) and other retirement plans for their own employees. In these plans, many financial institutions make their own mutual funds available to...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Prepaid card company NetSpend has reached a $53 million settlement with the FTC to resolve claims that the company “deceived customers about when and whether they could access money they deposited on its reloadable debit...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Ratings Agency Moody’s Corp. has agreed to pay roughly $864 million to resolve federal and state claims that it gave juiced ratings to risky MBS in the run-up to the financial crisis. Half of the total will end up in DOJ...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The December 22 announcement that Deutsche Bank had settled with the DOJ over long-standing RMBS-related claims and investigations for a reported $7.2 billion prompted this Times long-read that traced the Icarus-like rise and...more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 8.1.16

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And just like that, Uber’s ride-hailing war in China is over (for now, at least). Uber has agreed to sell Uber China to rival Didi Chuxing [though maintaining a 20% stake in the new company], creating a new company worth an...more

Burr & Forman

DOL Hearings Debate “Fiduciary Duty” not “Suitability” Standard for Retirement Accounts

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The U.S. Department of Labor (“DOL“) recently heard public comment to its proposed regulatory changes implementing a fiduciary duty on any individual receiving compensation for advice tailored to a plan sponsor, participant...more

BakerHostetler

2015 Mid-Year Securities Litigation and Enforcement Highlights

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Welcome to the 2015 Mid-Year Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose is to provide a periodic survey, apart from our team Executive Alerts, on matters we...more

Carlton Fields

For Life Insurers and Agents – A Summary of Predicted Litigation Under the DOL’s Proposed Fiduciary Rule

Carlton Fields on

The Department of Labor’s recent Proposed Rule (the “Proposal”), which defines the term “fiduciary” as it applies to persons who provide “investment advice” to ERISA plans and IRAs, will impact the likelihood and severity of...more

Seyfarth Shaw LLP

DOL’s Proposed Rule On Fiduciaries

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On April 14, 2015, the DOL issued a new proposed rule to expand the definition of “fiduciary” under ERISA. This is the second time in recent years that the DOL has gone down this path. The first proposed rule (issued in 2010)...more

Goodwin

Financial Services Weekly News Roundup - April 2015 #5

Goodwin on

Ninth Circuit Denies Rehearing of Northstar v. Schwab. On April 28, the U.S. Court of Appeals for the Ninth Circuit denied the petition of Schwab Investments’ (Schwab) for rehearing and rehearing en banc in the case of...more

Dechert LLP

Lawsuit Regarding Computer-Generated Advice to 401(k) Participants Revs Up Against Financial Engines

Dechert LLP on

Last week, in a complaint dated August 8, 2014, plaintiffs commenced a lawsuit in the US District Court for the Eastern District of Texas against Financial Engines, Inc. and Financial Engines Advisors L.L.C. asserting a...more

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