13.05.2024 01.08 CDT

DOL Tries (Again) to Replace 1975 Rules and Redefine ERISA Investment Fiduciaries.

If At First You Don’t Succeed…

If At First You Don’t Succeed…

DOL Tries to Redefine Who Is an Investment Fiduciary Under ERISA

The United States Department of Labor has finalized new rules defining who is an investment fiduciary under ERISA. These new final rules mark the latest effort (started in 2010) to update a fiduciary definition that was initially adopted in 1975. The DOL also issued a new exemption allowing these fiduciaries to engage in certain transactions (such as accepting commissions) that would otherwise be prohibited.

10.11.2023 02.56 CST

DOL takes another swing at redefining investment fiduciaries

DOL Tries (Again) to Redefine ERISA Investment Fiduciary

DOL Tries (Again) to Redefine ERISA Investment Fiduciary

The DOL has proposed regulations updating the definition of investment fiduciary. The proposed regulation seeks to create a uniform standard applicable to all investment advice provided to ERISA plans and to IRAs

12.07.2023 03.47 CDT

Yale takes fiduciary case to trial—and prevails

Yale Prevails in Fiduciary Suit

Yale Prevails in Fiduciary Suit

The jury found that Yale breached fiduciary duties and cause plan to pay excessive fees; at the same time the jury found that a fiduciary following a prudent process could have made the same decisions and awarded $0 in damages.

17.11.2022 11.59 CST

A round of court cases following Supreme Court’s Hughes decision places a greater burden on plaintiffs bringing fiduciary litigation.

Court of Appeals Reject Generalized Allegations

Court of Appeals Reject Generalized Allegations

Several recent decisions handed down by federal appellate courts offer some good news for plan fiduciaries. In each of these cases the courts affirmed dismissals of fiduciary litigation, concluding that the facts alleged were just not enough to support a claim. The dismissals were based on the courts’ assessment that even if the general facts alleged were true (e.g., that other plans paid less in recordkeeping or management fees or that other funds performed better) –those facts would not show that the actions taken by the fiduciaries for these specific plans were not prudent.

01.02.2022 03.04 CST

Fiduciaries are responsible to exercise prudence in all decisions—not just some.

Supreme Court Weighs in (Marginally) in Fiduciary Litigation

Supreme Court Weighs in (Marginally) in Fiduciary Litigation

The Supreme Court’s decision leaves unanswered many difficult questions facing fiduciaries.