With 401(k) litigation increasing, plan advisors and plan sponsors need to know the latest laws as well as strategies attorneys are using to sue employers and advisors. BenefitsPRO's legal coverage includes news, analysis and updates on cases.
FINRA has fined MetLife Securities $20 million and ordered the firm to pay $5 million to variable annuity customers for allegedly misleading them on replacement applications.
When Congress passed the Wall Street Reform and Consumer Protection Act (aka Dodd-Frank) in the summer of 2010, it neither reformed Wall Street nor protected consumers. Indeed, it did worse.
Drinker Biddle & Reath's Fred Reish and Brad Campbell explain the contract they call BIC Lite--while level-fee advisors can avoid the contract, they will have to document exactly why a rollover recommendation serves an investors best interest.
If we get sued, well be ready for it, DOL Sec. Perez said about the fiduciary rule in a press conference with Democratic leaders in the House of Representatives.