Fiduciary Governance

In the wake of the SEC announcing a $6 billion securities fraud deal against Allianz Global Investors U.S. LLC (AGI U.S.), the firm off-loaded most of its U.S. investment management business as part of the terms of the deal.    The SEC announced May 17 that it had charged AGI U.S. and three former... READ MORE

In less than a year, the law firm of Capozzi Adler has wrested a settlement from a multiple employer plan accused of breaching its fiduciary duties.  The plan in question—more specifically the plan fiduciaries—targeted are those of Nextep, Inc., a professional employer organization (PEO), as well... READ MORE

The Department of Labor’s March warning about cryptocurrency, along with Fidelity’s decision to move forward with a new “digital assets” capability for 401(k) plans, has set off a firestorm in Washington.  One of the latest developments comes from Sen. Tommy Tuberville (R-AL) who has introduced... READ MORE

Providing information and notice to plan participants is not a suggestion—it’s a requirement. A recent blog entry provides some reminders as to why it matters and what notices need to be sent.  The Why Sending required notices is a service to plan participants, since they provide information that... READ MORE

A settlement term—and plaintiffs’ attorney fees—in a proprietary fund suit may be undermined by the Labor Department’s recent comments on cryptocurrency—more specifically, concerns about what those comments mean for the role of self-directed brokerage accounts.  In January, T. Rowe Price settled a... READ MORE

A 401(k) excessive fee case was dismissed for failing to make a case sufficient to go to trial—but given a chance to remedy that situation. Here plaintiff Lauren Cunningham[1] alleged that the USI Insurance Services defendants failed to prudently and loyally monitor the plan’s RPS expenses, “... READ MORE

The Biden Department of Labor (DOL) has published a series of pronouncements—revised regulations on ESG, a “Supplemental Statement” on private equity, a Compliance Assistance Release on “Cryptocurrencies,” and a request for information on “Climate-Related Financial Risk”—all raising or “clarifying... READ MORE

Exercising fiduciary duty entails a variety of functions—including maintaining and periodically reviewing documents and documentation, a recent blog entry reminds.  Documentation means more than just keeping and maintaining documents, writes Robert Reilly, Audit Partner at EisnerAmper in the firm’... READ MORE

The Bay State’s fiduciary rule encountered a major setback when a Massachusetts judge on March 30 invalidated the March 2020 rule that imposed a heightened fiduciary conduct standard on broker dealers and agents.  The March 30 ruling by Suffolk County Superior Court Judge Michael Ricciuti held... READ MORE