News & Analysis as of

Fiduciary Duty

Cadwalader, Wickersham & Taft LLP

Structuring for Control, February 2026 - Payment Direction Letters: Their Role and Usage in NAV Financings

In net asset value (“NAV”) financings, a payment direction letter (“PDL”) is a useful tool that may be entered into in order to control the flow of cash from the underlying portfolio investments directly to a lender...more

Mayer Brown

Fifth Circuit is the Latest Federal Appellate Court to Find ERISA Plan Arbitration Clause Unenforceable

Mayer Brown on

On February 10, 2026, the US Court of Appeals for the Fifth Circuit became the eighth federal appellate court to apply the judicially created “effective vindication doctrine,” and hold that an arbitration clause in an ERISA...more

Morgan Lewis

Winter 2026 ESG Investing Quarterly Update

Morgan Lewis on

This update summarizes key recent developments regarding legislative, regulatory, litigation, and enforcement updates related to environmental, social, and governance (ESG), with a particular focus on federal agency...more

Weintraub Tobin

The California Trustee Survival Guide: Duties, Dangers and Defense

Weintraub Tobin on

Being named a trustee in California is an honor that carries serious legal responsibilities because your actions determine whether families experience smooth trust administration or costly litigation. Understanding your...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Forfeitures: Free Money or Fiduciary Landmine?

For years, forfeitures were treated like found money in 401(k) plans. Someone leaves before vesting, the plan keeps the unvested employer contribution, and no one loses sleep....more

Conyers

From Void Acts to Personal Liability: the UKSC on BVI Director Accountability

Conyers on

When is a former director liable for post-liquidation fiduciary breaches? The UK Supreme Court’s decision in Mitchell and another (Joint Liquidators of MBI International & Partners Inc (in Liquidation)) v Sheikh Mohamed Bin...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Committee Minutes That Save You in a Lawsuit

When a 401(k) lawsuit is filed, the first thing plaintiffs’ counsel asks for isn’t your investment returns. It’s your committee minutes....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

From Fax Machines to Phishing: Why Cybersecurity Is Now a 401(k) Fiduciary Duty

When I started back in the 401(k) business in 1998, everything was done by paper and telephone. Distribution requests were mailed or faxed. Investment changes were taken over the phone. Beneficiary designations were signed in...more

Mayer Brown

Considerations in Continuation Vehicle Transactions

Mayer Brown on

CONTINUATION VEHICLES - Continuation vehicles are a tool to allow a sponsor to transfer one or more portfolio assets from an existing fund to a new, sponsor‑affiliated vehicle to extend ownership and pursue additional...more

The Volkov Law Group

Episode 392 — The Importance of Managing Conflicts of Interests

The Volkov Law Group on

Conflicts of interest are not abstract compliance niceties. They are serious risks to integrity that, if left unidentified or unmitigated, can erode employee trust, compromise decision-making, and expose organizations to...more

Skadden, Arps, Slate, Meagher & Flom LLP

2026 Compensation Committee Handbook

The duties imposed on compensation committees of publicly traded companies have evolved and grown over time. This 11th edition of the Compensation Committee Handbook from the lawyers of the Executive Compensation and Benefits...more

Goodwin

Fitting Private Markets Into 401(k) Plans

Goodwin on

Private markets have long been reserved for pensions, endowments, and the wealthy. Now policymakers in the US, UK, and EU are opening these markets to ordinary retirement savers. In the US, the biggest test is the 401(k)...more

Warner Norcross + Judd

PBM Reform is Here: What CAA 2026 Means for Employer Health Plans

Warner Norcross + Judd on

On Feb. 3, 2026, President Donald Trump signed into law the Consolidated Appropriations Act, 2026 (CAA 2026), a sweeping piece of legislation including provisions that will substantially impact employer-sponsored health...more

Williams Mullen

[Event] 17th Annual Fiduciary Focus - February 27th, Richmond, VA

Williams Mullen on

Timely insights into the latest developments in wealth transfer, estate administration, trust planning, and estate tax portability. Join the Williams Mullen Private Client & Fiduciary Services team for our 17th Annual...more

Ballard Spahr LLP

PBM Transparency: Next Steps for Plan Sponsors

Ballard Spahr LLP on

The federal government recently delivered back-to-back measures forcing pharmacy benefit managers (PBMs) to be more transparent about their business models. However, with this heightened transparency comes a host of new...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Just Because Everyone Does It Doesn’t Mean It’s a Fiduciary Best Practice

One of the most dangerous phrases in the 401(k) world isn’t “lawsuit” or “DOL audit.” It’s: “Everyone does it this way.”...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Revenue Sharing Isn’t Dead—But It’s Still Dangerous

Every few years, someone declares revenue sharing “dead.” And every few years, it stubbornly survives. Revenue sharing is still legal. It’s still widely used. And yes, it’s still dangerous—especially for plan providers who...more

Bricker Graydon Wyatt LLP

Does the Department Of Labor Have Your Back in Forfeiture Lawsuits?

As discussed in a prior post, a wave of ERISA lawsuits has challenged how employers use forfeited 401(k) plan assets, with plaintiffs arguing that applying forfeitures to offset employer contributions (rather than...more

Goodwin

Considering Reincorporation? Why Delaware Remains the Gold Standard

Goodwin on

Companies weighing whether to leave Delaware should consider the state’s long legal track record of handling commercial disputes....more

Mintz - Health Care Viewpoints

What PBMs and Group Health Plans Need to Know About the Department of Labor’s Proposed PBM Fee Disclosure Rule

On January 30, 2026, the Department of Labor released a proposed rule (Proposed Rule) that would end long‑running confusion about how ERISA disclosure obligations apply to PBMs under the Consolidated Appropriations Act, 2021,...more

A&O Shearman

Delaware Supreme Court Finds Attorneys' Fee Award Excessive In Excessive Compensation Case

A&O Shearman on

On January 30, 2026, the Delaware Supreme Court, sitting en banc, affirmed a settlement resolving excess compensation claims against non-employee director defendants but reversed and modified the portion of the settlement...more

A&O Shearman

Delaware Court Of Chancery Denies Special Litigation Committee's Motion To Terminate Due To Questions About Independence

A&O Shearman on

On January 30, 2026, Chancellor Kathaleen St. J. McCormick of the Delaware Court of Chancery granted defendants’ motion to strike but denied a motion to terminate a derivative action asserting fiduciary breach claims against...more

Hinshaw & Culbertson - Employment Law...

Seventh Circuit Rules Attempted Retirement Plan Beneficiary Change Failed Compliance Test

A recent decision from the US Court of Appeals for the Seventh Circuit involving the retirement plan account of a deceased participant usefully illustrates the importance of following plan procedures when updating beneficiary...more

Orrick, Herrington & Sutcliffe LLP

District court sides with bank, dismisses putative class action over ‘cash-sweep’ program

On January 30, the U.S. District Court for the District of Minnesota dismissed with prejudice a proposed class action lawsuit brought by two investment-account holders challenging the interest rates paid through a...more

Holland & Knight LLP

DOL Continues to Back Plan Sponsors and Fiduciaries in ERISA Forfeiture Litigation

Holland & Knight LLP on

The Employee Retirement Income Security Act of 1974 (ERISA) forfeiture litigation landscape continues to evolve as courts continue to weigh in on the viability of this novel theory of ERISA liability. As explained in a...more

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