Author Archives: Julie Firestone
Fifth Circuit Strikes Down Entire DOL Fiduciary Duty Rule, Two Days After Tenth Circuit Upholds PTE 84-24: Supreme Court Up Next?
On Thursday, March 15, 2018, the Fifth Circuit vacated the DOL Fiduciary Duty Rule in its entirety, including the Best Interest Contract Exemption (BICE) and the amendments to Prohibited Transaction Exemption (PTE) 84-24, in Chamber of Commerce et al. v. … Continue reading
Federal District Court Enjoins DOL From Implementing or Enforcing BICE’s Prohibition on Class Action Waivers Against Thrivent
On November 3, 2017, the United States District Court, District of Minnesota issued a preliminary injunction against the DOL, enjoining the DOL from implementing or enforcing the BICE’s class action waiver prohibition against Thrivent Financial for Lutherans. The Court’s Order … Continue reading
It is Increasingly Unlikely We Will Ever See Full Implementation of the DOL Fiduciary Duty Rule or the BICE
The DOL Rule’s application of a fiduciary standard to persons who make recommendations to retirement investors has been in effect since June 9, 2017. Since that time, it has become increasingly unlikely that full implementation of the Rule or the … Continue reading
DOL Moves Step Closer to 18-Month Delay on Fiduciary Duty Rule and BICE
On August 28, 2017, the Office of Management and Budget (OMB) approved the Department of Labor’s (DOL) proposal to delay the full applicability dates of the Fiduciary Duty Rule and the Best Interest Contract Exemption (BICE). The proposal still must … Continue reading
DOL Seeks Additional Delay on Fiduciary Duty Rule and BICE
The Department of Labor (DOL) is seeking once again to delay final implementation of the Fiduciary Duty Rule and the Best Interest Contract Exemption (BICE), leading to further speculation as to whether the full Fiduciary Duty Rule or BICE will … Continue reading
Posted in Administration, Department of Labor (DOL), Fiduciary Duty Rule, Uncategorized
Tagged BICE
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DOL Issues Request for Information on the Fiduciary Duty Rule; DOL and SEC Indicate They Will Work Together on Standard for Investment Advice
On June 29, 2017, the Department of Labor announced in a news release (available here) that it has published a Request for Information (“RFI”) (available here) related to the DOL Fiduciary Duty Rule, to allow the public to provide input that may … Continue reading
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Supreme Court Rules 5-4 That Pendency of Class Action Suit Does Not Toll 3-Year Statute of Repose for Claims Brought Under § 11 of Securities Act
On June 26, 2017, the Supreme Court ruled, in California Public Employees’ Retirement System v. ANZ Securities, Inc., that a pending putative class action does not toll the running of the three-year time bar for claims brought under § 11 … Continue reading
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Supreme Court Limits SEC’s Disgorgement Power
On June 5, 2017, the United States Supreme Court unanimously held in Kokesh v. Securities and Exchange Commission, No. 16-529, that “any claim for disgorgement in an SEC enforcement action must be commenced within five years of the date the … Continue reading
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Acosta and New DOL FAQs Confirm: Fiduciary Standard Will Take Effect June 9, But Expect Changes to the DOL Rule Before January 1, 2018
On May 22, 2017, new DOL Secretary Alexander Acosta published an Op-Ed piece in the Wall Street Journal (found here; a subscription to the Journal is required to access the piece), confirming that, as we previously suspected, the DOL will … Continue reading
SEC Chair and DOL Secretary Both Confirmed: Who Will Take Lead on Fiduciary Duty Rule?
On April 27, 2017, the Senate confirmed Alexander Acosta as the new Secretary of Labor, and on May 2nd, the Senate confirmed Jay Clayton as SEC Chairman. With Trump’s nominees for the respective positions now in place, some insiders expect … Continue reading
Dan Supalla
Lauren Lonergan