Category Archives: Department of Labor (DOL)

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

Posted in BICE, Department of Labor (DOL), ERISA, Fiduciary Duty Rule, Supreme Court, Uncategorized | Tagged , , | Leave a comment

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

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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

Posted in BICE, Capital Markets, Department of Labor (DOL), E&O Coverage, Fiduciary Duty Rule | Leave a comment

States May Be Enacting Their Own Fiduciary Duty Rules: Are You Covered Under Your E&O Policy?

With full implementation of the DOL Fiduciary Duty Rule pushed back to July 1, 2019, questions linger as to whether the Rule will survive at all and, if so, to what extent. Now, state agencies and lawmakers are stepping into … Continue reading

Posted in Department of Labor (DOL), E&O Coverage, Fiduciary Duty Rule, Uncategorized | Tagged , , , | Leave a comment

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

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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

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Should the DOL Fiduciary Duty Rule be Rescinded While the SEC Ponders its Own Standard?

On June 1, 2017, the Securities and Exchange Commission requested input regarding the DOL Fiduciary Duty Rule and the SEC’s development of its own fiduciary standard governing investment advice to retail investors. To view Chair Clayton’s public statement requesting Public Comments … 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

Posted in Administration, Department of Labor (DOL), Fiduciary Duty Rule, Retirement Planning, Uncategorized | Tagged , , , , , | Leave a comment

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

Posted in Department of Labor (DOL), Fiduciary Duty Rule, SEC, Uncategorized | 1 Comment

The Briggs Forum on Financial Markets: Securities, Insurance, Litigation and Regulation is Thursday, April 20

The Briggs Forum on Financial Markets: Securities, Insurance, Litigation and Regulation (formerly known as the Upper Midwest Securities Litigation and Enforcement Forum) is Thursday, April 20 at Windows on Minnesota, on the 50th floor of the IDS Center. Our exceptional … Continue reading

Posted in Cybersecurity and Data Privacy, Department of Labor (DOL), Fiduciary Duty Rule, FINRA, Insurance, Litigation, Retirement Planning, SEC, Securities Litigation, Uncategorized | Tagged , , | Leave a comment