News & Analysis as of

Financial Adviser

No vicarious liability for fraudulent financial adviser using company online portal

by Allen & Overy LLP on

No vicarious liability arises for a company where one of its agents perpetrates a fraud in the course of a recognisably independent business. This applies even where, to facilitate the fraud, the agent uses an online portal...more

Connecticut Governor Signs Bill Expanding College Financial Aid to Undocumented Immigrants and New Jersey to Follow

Last Friday, Connecticut became the first state on the East Coast to make undocumented immigrants eligible for financial aid at state-run colleges and universities. Governor Dannel P. Malloy signed Senate Bill 6, which...more

The Fiduciary That Buys The Groceries

by Ary Rosenbaum on

When the great Bill Parcells was the head coach of the New England Patriots, he got into a tiff with owner Robert Kraft because Parcells wanted more of a say in the personnel decision-making process. Parcells famously said:...more

Ninth Circuit Splits From Other Circuits, Holding That a Negligence Standard Applies to a Claim Challenging Tender Offer...

In Varjabedian v. Emulex Corp., No. 16-55088, 2018 U.S. App. LEXIS 10000 (9th Cir. Apr. 20, 2018), the United States Court of Appeals for the Ninth Circuit split from the Second, Third, Fifth, Sixth and Eleventh Circuits to...more

Plaintiffs’ Notice That the ‘Taxman Cometh’ Was Sufficient to Trigger Statute of Limitations

by Carlton Fields on

In a November 16, 2017 ruling, a California appellate court affirmed a summary judgment ruling in favor of several financial advisors, and insurer American General Life Insurance Company, holding that plaintiffs’ fraud and...more

Blog: Corp Fin posts two new CDIs regarding non-GAAP financial measures in the M&A context (Updated)

by Cooley LLP on

Corp Fin has posted two new CDIs regarding the use of non-GAAP financial measures in connection with business combinations, summarized below: Question 101.02 - In Question 101.01, Corp Fin said that financial measures...more

Retirement Plan Advisors Advantage - April 2018

by Ary Rosenbaum on

The Road and Roadblock To Dynamic Plan Provider Marketing. What to do and what to avoid. When I was in college, I didn't take any classes in marketing. In law school, the last thing they'll teach any law student is...more

Addressing Retail Flowback in Listing Transactions for Unlisted REITs

by King & Spalding on

Unlisted real estate investment trusts, or unlisted REITs, have enjoyed tremendous success raising and deploying capital into real estate investments. Unlisted REITs raise capital through public offerings and make filings...more

Investment Funds Update Europe - Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

AMF Public Consultation on ICOs - The AMF launched a public consultation on Initial Coin Offerings (ICOs) on 26 October 2017 in order to assess how these fundraisings could be regulated. Out of the three regulatory options...more

Be patient with possible referral sources

by Ary Rosenbaum on

I always talk about my open door policy with financial advisors and third-party administrators where I will help these plan providers out without billing them for their time or actively seeking business. I kind of have that...more

The Fiduciary Rule is not dead, but extremely sleepy

by Ary Rosenbaum on

So many are celebrating the ruling against the Department of Labor’s (DOL’s) fiduciary rule in the Fifth Circuit without realizing what that really means. A Federal appeals court in New Orleans doesn’t have an impact outside...more

Stop thinking of TPAs as just a price placeholder

by Ary Rosenbaum on

When you’re a financial advisor and working out proposals for potential plan sponsor clients, pricing is an important thing. This is the case especially when we’re in an environment of fee disclosure, narrowing margins, and a...more

Fifth Circuit Throws Out DOL Fiduciary Rule

by Liskow & Lewis on

The United States Fifth Circuit Court of Appeal vacated the entire DOL Fiduciary rule in a split decision on March 15, 2018, U.S. Chamber of Commerce v. DOL, No. 17-10238 (5th Cir. 3/15/2018). Two other circuits have upheld...more

One metric about financial advisors that you should consider

by Ary Rosenbaum on

When gauging the effectiveness of the retirement plan’s financial advisor, one thing that 401(k) plan sponsors forget to consider is the interaction between the advisor and the plan participants....more

Best in Law: Tips to Keep Client-Attorney Communications Confidential

by Best Best & Krieger LLP on

Most people have heard of the “attorney-client privileged communication” and may even have a fair idea of what that means. But a lack of understanding about how it works can lead to errors that can render the communication no...more

Indiana Court of Appeals: Continuous Representation Doctrine Does Not Apply to Financial Professionals

by Reminger Co., LPA on

In a pair of rulings issued within a month of each other, the Indiana Court of Appeals has held that the Continuous Representation Doctrine (the “CRD”) does not toll the statute of limitations for client claims against...more

Second Circuit Rejects Manifest Disregard Of Law As A Basis For Vacating An Arbitration Award

by Carlton Fields on

A panel of the Second Circuit has, in an unpublished summary order, emphasized the high bar that must be cleared by a party seeking to vacate an arbitration award. The matter arose from the decision of a financial advisor...more

Singapore Joint Investigations Arrangement to Cover More Financial, Regulatory Offences

by Morgan Lewis on

In a development that significantly broadens the scope of the Monetary Authority of Singapore and Commercial Affairs Department’s investigatory authority, the Joint Investigations Arrangement has been extended to cover...more

Who Decides the Availability of Class Arbitration? Second Circuit’s Analysis Is a Bit Murky in Wells Fargo Advisors Cases

by BakerHostetler on

For years, courts have struggled with who decides the availability of class arbitration and the applicable standards. We most recently addressed the thorny issues in a March 23, 2016, blog post. Unfortunately, a recent Second...more

The Rosenbaum Law Firm Review - March 2018

by Ary Rosenbaum on

That Fiduciary Warranty Is Not Worth The Paper it's Printed On. They are pretty much worthless. A 401(k) plan sponsor is also a plan fiduciary and they have the responsibility to prudently run their plan. One major...more

Federal District Court Dismisses Mutual Fund Excessive Fee Lawsuit

by Goodwin on

On February 14, 2018, the U.S. District Court for the Southern District of New York in Manhattan issued a decision dismissing a complaint brought under Section 36(b) of the Investment Company Act of 1940, as amended, that...more

WSGR Fintech Update - February 2018

Wilson Sonsini Goodrich & Rosati is pleased to present the February 2018 issue of the WSGR Fintech Update. This latest edition features an article discussing a letter recently issued by the SEC’s Division of Investment...more

Advisors Advantage - February 2018

by Ary Rosenbaum on

A Call For A New Standard For Financial Advisors. A higher standrad for today. Over the last 10 years, there has certainly been a revolution among 401(k) financial advisors about the need and concern of good fiduciary...more

[Webinar] Issues and Recent Developments in Art Law, Part 1: Lending Issues - Wealth Management - February 21st, 11:00am CT

by Locke Lord LLP on

Please join Christie’s and the Locke Lord LLP Art Law Group for an informative discussion on current lending issues affecting art. Wednesday, February 21, 2018, 11:00 a.m. - 12:30 p.m. (Central. Program will promptly begin...more

Be careful about giving referrals

by Ary Rosenbaum on

“When I introduce you, I’m gonna say, “This is a friend of mine.” That means you’re a connected guy. Now if I said instead, this is a friend of ours that would mean you a made guy. A Capiche?” – Al Pacino in Donnie...more

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