News & Analysis as of

Best Interest Standard

How Decisions Regarding Custody and Visitation are Made in Delaware

Family Court judges are charged with making custody and visitation decisions regarding Delaware’s children. In each case brought before the judge, he or she sets custodial and residential arrangements in accordance with the...more

Parental Alienation in High Conflict Custody Cases

One of the most challenging aspects of divorce for parents is learning to move past the marital conflict in order to promote a healthy relationship between the children and a soon-to-be ex. All too often, in high conflict...more

Under New Jersey’s New Child Relocation Standard, Best Interests is King

In a much anticipated decision issued on August 8, 2017, the Supreme Court of New Jersey in Bisbing v. Bisbing overturned the well-established standard applied by courts in determining whether a primary custodian should be...more

Financial Services Quarterly Report - Third Quarter 2017: Hong Kong SFC Issues Clarification on Standards Expected of Asset...

by Dechert LLP on

The Hong Kong Securities and Futures Commission (SFC) recently released a circular outlining its views on how asset managers should address certain conflicts of interest between private funds and separately managed accounts...more

SEC Chair Speaks at the Center for Capital Markets Competitiveness

On Tuesday, July 25, 2017, SEC Chairman Jay Clayton spoke at the U.S. Chamber of Commerce Center for Capital Markets Competitiveness (CCMC). During the panel, Chairman Clayton discussed the Commission’s priorities on a...more

Debt Dialogue: May 2017 - Fiduciary Duty of Collateral Manager Bars Side Deal to Recover Expenses

A typical collateralized debt financing involves a variety of service providers that owe fiduciary duties to investors. In a recent decision handed down in New York State Supreme Court, Commonwealth Advisors, Inc. v. Wells...more

SEC Registered Investment Advisers—A Review of 2016 and a Look at What’s Ahead for 2017

by Robinson & Cole LLP on

As we near the seventh anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), private equity and hedge fund advisers are subject to an ever-increasing degree of supervision...more

First Department Adds Two New Factors to New York’s Standard of Review for Non-Monetary Settlements of Shareholder Class Actions

On February 2, 2017, the Appellate Division, First Department issued a unanimous decision in Gordon v. Verizon Communications, Inc., No. 653084/13, 2017 BL 31251 (1st Dep’t Feb. 2, 2017) that may have significant consequences...more

President Trump Calls for a Review of DOL’s Fiduciary Rule

by Robinson & Cole LLP on

On February 3, 2017, President Trump signed a presidential memorandum (Memorandum) ordering the U.S. Department of Labor (DOL) to review its conflict of interest rule defining the term “fiduciary” for retirement investment...more

President Trump Issues Executive Orders Impacting Dodd-Frank Act And DOL Fiduciary Duty Rule

by Reminger Co., LPA on

On Friday, February 3, 2017, President Trump signed two Executive Orders impacting the financial services industry. 1. Dodd-Frank Act - President Trump signed an Executive Order designed to review the regulations...more

President Trump Issues Memorandum on Fiduciary Rule Likely Leading to Delayed Compliance Date

On February 3, 2017, President Trump issued a memorandum directing the Department of Labor to prepare an updated economic and legal analysis of its “Fiduciary Rule.” Compliance with the Fiduciary Rule is generally required on...more

The Trump Administration: President Trump Issues Executive Actions on Dodd-Frank and the DOL Fiduciary Rule

On February 3, 2017, President Trump signed two executive actions intended to provide a framework for scaling back the Dodd-Frank Act (“Dodd-Frank Act”) and rescinding or revising the Department of Labor’s “fiduciary rule.”...more

Trump Requires DOL to Reevaluate the Fiduciary Rule

Under current law, stockbrokers are only required to recommend suitable investments to their clients. The Department of Labor has issued a so called “fiduciary rule” which requires brokers, advisors and insurance agents, when...more

The Final Rule: DOL Releases Additional FAQs Related to New Fiduciary Rule

The Department of Labor (DOL) has released two additional sets of FAQs providing guidance related to its final rule expanding the definition of fiduciary “investment advice” (the Final Rule) for purposes of the Employee...more

DOL Prevails In First Challenge to the Conflict of Interest Rule and Related Exemptions

On November 4, 2016, Judge Moss in the U.S. District Court for the District of Columbia granted the U.S. Department of Labor’s motion for summary judgment and dismissed claims brought by the National Association for Fixed...more

Appellate Court Notes

by Pullman & Comley, LLC on

Supreme Court Advance Release Opinions: SC19589 - Velecela v. All Habitat Services, LLC - SC19589 Concurrence - Velecela v. All Habitat Services, LLC - Claim for negligent infliction of bystander emotion...more

ERISA Fiduciary Rules: Court Challenges and Considerations for Employers

by Polsinelli on

Employers and their financial advisors should consider enacting a multi-step plan amid anticipation that the proposed ERISA Fiduciary Rules turn effective. Last month, several business groups filed a complaint in the...more

Life and Annuity Series: Class Certified in an ERISA “Unreasonable Compensation” Case

by WilmerHale on

The Colorado federal court concluded last summer, in Teets v. Great-West Life & Ann. Ins. Co., that an insurer could be subject to ERISA liability for receiving unreasonable compensation in connection with a stable value...more

U.S. Departments of Education and Health and Human Services Release Joint Guidance on Foster Youth

by Barley Snyder on

On June 23, 2016, the U.S. Departments of Education (ED) and Health and Human Services (HHS) issued a joint guidance addressing LEA support for children in foster care under the provisions of the newly enacted Every Student...more

Industry and trade groups challenge the Department of Labor’s Fiduciary Rule

by Dentons on

Earlier this month, eight industry and trade groups launched a broad challenge to the US Department of Labor’s (DOL) Fiduciary Rule (Rule) and related prohibited transaction exemptions that were released on April 6, 2016. ...more

The Rosenbaum Law Firm Review - July 2016

by Ary Rosenbaum on

The Future Is Now For 401(k) Plan Sponsors. The future is here. When I was the head ERISA attorney at a New York based third party administrator (TPA), I left because I saw the future of the retirement plan...more

The Cold Comfort of the Best Interest Contract Exemption

by Latham & Watkins LLP on

The BIC Exemption to the new DOL Fiduciary Rule offers some relief, but at a potentially prohibitive cost. The US Department of Labor (the DOL) recently forced the most significant change to the investment community...more

The Final DOL Fiduciary Rule—Considerations for Plan Sponsors

by Morgan Lewis on

The final rule has implications for plan sponsors and may impact certain relationships with service providers. On April 6, after a long (and some might say tortured) process, the US Department of Labor (DOL) issued a...more

Lawsuits Filed Challenging The USDOL’s Final Fiduciary Rules

On April 6, 2015, the U.S. Department of Labor released its Final Rule addressing when a person providing services to an employee benefit plan or individual retirement account (IRA) is considered to be providing investment...more

Perspectives - June 2016

by Benesch on

In April 2016, the Department of Labor (DOL) released the final version of the fiduciary rule. The final rule was six years in the making and impacts retirement plans, including 401(k) plans, and the employer who offer...more

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