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Employee Benefits Investment Funds

Mayer Brown

DB Pension Scheme Funding – Pensions Regulator 2024 Annual Funding Statement

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The Pensions Regulator (TPR) has published its 2024 annual funding statement which is targeted at DB schemes undergoing valuations with effective dates between 22 September 2023 and 21 September 2024. It is also relevant to...more

Groom Law Group, Chartered

Amendment to QPAM Exemption

On April 2, 2024, the Department of Labor (“DOL” or “Department”) released an amendment (the “Amendment”) to Prohibited Transaction Exemption 84-14 (the “QPAM Exemption” or “Exemption”). The changes were proposed by DOL in...more

Mayer Brown

Decision Alert: Northern District of Texas Expands Fiduciary Liability To Cover Non-ESG Fund Managers’ ESG-Related Conduct

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Case Name and Number: Spence v. American Airlines, Inc., et al., No. 4:23-cv-00552 - Introduction - On February 21, 2024, Judge Reed O’Connor in the Northern District of Texas (the “Court”) denied a motion to dismiss an...more

Carlton Fields

Expect Focus - Volume I, January 2024

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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

Cadwalader, Wickersham & Taft LLP

American Airlines Moves to Dismiss Suit Challenging Inclusion of ESG Funds in Retirement Plan

In August 2023, American Airlines, Inc. moved to dismiss a class action lawsuit filed against the airline for allegedly jeopardizing employees’ retirement savings by investing in environmental, social and governance (ESG)...more

Cadwalader, Wickersham & Taft LLP

Climate Suit Against Directors of UK’s Largest Pension Plan Heads to Appeals Court

A British appeals court will review the 2022 dismissal of a novel lawsuit accusing current and former directors of the United Kingdom’s largest private pension plan of mismanagement for, among other reasons, failing to divest...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Hate ESG funds? Don’t offer them

The ESG rule issued by the Department of Labor (DOL) has incensed anyone who believes that the selection of retirement plan investments should be based solely on total return. It’s incensed 25 state attorney generals to sue...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Tech company agrees to fork over $1 million in class action case

Coriant agreed to pay $1 million to resolve claims it violated its fiduciary duties under ERISA while administering its 401(k) plan. Coriant was an optical telecommunications company that was acquired by another company in...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Avoid the nonsense about anti-ESG rhetoric

My wife forwarded me an op-ed piece, criticizing the Biden administration rule change on ESG investments in 401(k) plans. Obviously, the person writing it doesn’t understand how 401(k) plans work. ...more

Gerald Nowotny - Law Office of Gerald R....

How Can I Tell You – Part II

In my last installment, I introduced you to the best singer you've never heard of - Lani Hall. She made her fame singing in Portuguese (Sergio Mendes and Brasil 66) and Spanish (beautifully I might add!) while being unable to...more

Verrill

DOL Proposes Amendments to QPAM Exemption

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On July 27, 2022, the Department of Labor (DOL) proposed a set of amendments to Prohibited Transaction Class Exemption 84-14, the so-called “QPAM Exemption,” which permits an investment fund holding assets of ERISA plans and...more

Keating Muething & Klekamp PLL

Benefits Monthly Minute - July 2022

The July Monthly Minute addresses a steep settlement and corrective action plan resulting from a widespread HIPAA breach, along with recent employer-friendly cases that highlight judicial support for inclusion of actively...more

Cadwalader, Wickersham & Taft LLP

SMArt Due Diligence - April 2022 | Issue No. 171 - Due Diligence on Public Funds in Funds-of-One

Fund Finance Friday has previously reported on the continuous rise of public pension money in private equity. Generally, such investments are made in commingled funds with a diversified group of investors, but we also...more

Fisher Phillips

Mixed News for Employers as PBGC Releases Multiemployer Bailout Plan Rule

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The federal agency overseeing voluntary private defined benefit pension plans just issued its Interim Final Rule on how withdrawal liability will be impacted by the billions of dollars that will be paid to failing...more

Perkins Coie

Employee Benefit Plan Developments—2020 Year in Review

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Employee benefits professionals have faced many challenges in 2020. We have seen remarkable changes to state and local requirements, an onslaught of new benefits legislation and governmental policies, shifting reporting and...more

Snell & Wilmer

Final DOL Rule Imposes Fiduciary Limitations on Social Investing

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The DOL recently issued a final rule (“Rule”) providing guidance on the long-standing issue of whether ERISA fiduciaries are permitted to consider non-pecuniary factors while making investments (or selecting investment funds)...more

Hogan Lovells

Funds and asset management regulatory news, October 2020 # 2

Hogan Lovells on

Climate-related disclosures for asset managers and FCA-regulated pension schemes: FCA correspondence - Correspondence about climate-related disclosure requirements for asset managers and UK Financial Conduct Authority...more

Groom Law Group, Chartered

Fidelity Wins Dismissal from ERISA Claims Based on “Infrastructure” Fees

Several highly publicized lawsuits were brought against the Fidelity organization in 2019 in connection with Fidelity’s receipt of “infrastructure fees” from mutual fund families and other investment providers made available...more

Akin Gump Strauss Hauer & Feld LLP

January 1 Effective Date for FINRA IPO Allocation Rules Changes

On December 19, 2019, the Financial Industry Regulatory Authority, Inc. (FINRA) adopted amendments to Rules 5130 and 5131 (the “New Issues Rules”) to permit allocations of initial public offering (IPO) profits to certain...more

Carlton Fields

Ninth Circuit Steps In-Line on Arbitrability of ERISA Claims

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The Ninth Circuit, in back-to-back opinion and memorandum decisions in Dorman v. Charles Schwab Corp., overruled long-standing precedent that ERISA claims are not arbitrable. The plaintiff, a former Schwab employee, filed a...more

Littler

Striking Down Decades-Old Precedent, Ninth Circuit Rules That ERISA Breach of Fiduciary Duty Claims May Be Arbitrated

Littler on

On August 20, 2019, a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit issued an opinion in Dorman v. Charles Schwab Corp., overturning its 1984 position in Amaro v. Continental Can Co. that lawsuits filed...more

Spilman Thomas & Battle, PLLC

ERISA & Employee Benefits Alert: Ninth Circuit Rules ERISA Claims Subject to Arbitration Provisions

On August 20, 2019, the United States Court of Appeals for the Ninth Circuit overturned its long-standing precedent, and ruled statutory claims under ERISA are subject to arbitration under the Federal Arbitration Act....more

McDermott Will & Emery

Big ERISA Decisions on the Horizon—SCOTUS to Review Third ERISA Case this Term

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The US Supreme Court recently agreed to review the Eighth Circuit’s decision in Thole v. US Bank, in which the Eighth Circuit held that participants in an overfunded defined benefit pension plan lack standing to sue for...more

McDermott Will & Emery

Private Equity Compliance with ERISA: Navigating Manager Fiduciary Duties for Funds Holding ERISA Plan Assets

McDermott Will & Emery on

On February 28, Todd Solomon and Maureen O’Brien presented a Strafford live webinar, “Private Equity Compliance With ERISA: Navigating Manager Fiduciary Duties for Funds Holding ERISA Plan Assets”. ERISA imposes fiduciary...more

Proskauer Rose LLP

The ERISA Litigation Newsletter - January 2017

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Editor’s Overview - In 2016, we saw a considerable uptick in the number and variety of excessive fee lawsuits commenced against plan fiduciaries of defined contribution plans. We begin the year by taking a look at these...more

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