Litigation developments: fundamental shareholder rights.
JONES DAY TALKS®: ESG: The Opportunities and the Risks
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On December 5, 2023, the U.S. District Court for the Southern District of New York (SDNY) granted summary judgment in favor of a group of plaintiffs led by Saba Capital Management, L.P. in its case challenging a number of...more
In late 2022, the U.S. Department of Labor (the “DOL”) issued final regulations (the “Final Rules”) which address the extent to which ERISA fiduciaries may consider environmental, social and governance (“ESG”) factors when...more
If you manage a private investment fund that is subject to Title I of ERISA and is not a feeder fund (an “ERISA Fund”), you should, before December 1, 2023, take the steps described below in order to comply with the DOL’s...more
Much has been written, on ML BeneBits and elsewhere, about the US Department of Labor’s (DOL’s) so-called “ESG Rule” issued in November 2022 (the DOL Rule). The DOL Rule, in part, addressed the appropriate factors for an...more
In this episode of The Proskauer Benefits Brief, Proskauer partners Ira Bogner and Adam Scoll and law clerk Tanusha Yarlagadda discuss the Department of Labor’s final ESG rules issued on November 22, 2022, and how those rules...more
The concept of “control” of insurers received significant attention from state insurance regulators last year and will receive even more in 2023. We wrote a brief report in April 2022 following the New York Department of...more
Executive Summary: The Department of Labor released a final rule that addresses fiduciary duties when (1) considering ESG factors in selecting investments, and (2) considering whether and how to vote proxies, for plans...more
The U.S. Department of Labor (DOL) published a proposed regulation on October 14, 2021, that would clarify how fiduciaries of private sector employee benefit plans should apply ERISA’s fiduciary duties of prudence and loyalty...more
On March 10, 2021, the U.S. Department of Labor (the “DOL”) issued a statement that it intends to revisit its final rules issued late last year on “Financial Factors in Selecting Plan Investments” (summarized here) and...more
Overview - At the end of last week, on December 11, 2020, the Department of Labor (the “DOL”) released a Final Rule, Fiduciary Duties Regarding Proxy Voting and Shareholder Rights (the “Final Rule”), which addresses the...more
1. New EU and UK disclosure requirements - The new disclosure requirements for investment managers and advisers with respect to their environmental, social and corporate governance (ESG) policies will apply in the European...more
On September 4, 2020, the Department of Labor (“DOL”) published a proposed rule (the “Proposed Rule”) that would confirm its position that ERISA’s fiduciary duties of prudence and loyalty apply to an ERISA plan fiduciary’s...more
Keeping up the steady stream of new and proposed guidance coming from the US Department of Labor (DOL), the Employee Benefits Security Administration issued a proposed regulation on September 4, 2020 that would require...more
Welcome to the 2020 edition of In Principle. With the United Kingdom (UK) leaving the European Union (EU) on31 January 2020, and moving into a transition period which will last until 31 December 2020, Brexit of courselooms...more
German Federal Ministry of Justice and Consumer Protection published draft bill implementing the Directive (EU) 2017/828 as regards the encouragement of long-term shareholder engagement (“ARUG II”) - The Directive (EU)...more
On April 23, 2018, the U.S. Department of Labor (the “DOL”) released Field Assistance Bulletin No. 2018-01 (“FAB 2018-01”) which provides guidance regarding (1) the exercise of shareholder rights and written statements of...more
Recently, the Hong Kong Securities and Futures Commission (SFC) published a consultation paper on the Securities and Futures (Open-ended Fund Companies) Rules (Rules) and Code on Open-ended Fund Companies (Code) which, if...more