Insurance agents, their firms and an industry group agreed to drop a suit challenging the U.S. Department of Labor's 2020 interpretation on how fiduciary duties apply in rollover investment advice situations, which comes after the agency adjusted its regulations in March to reflect how litigation developments had changed policy.
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TOP NEWS

Challenge To DOL Views On Rollover Advice Dropped In Texas

By Kellie Mejdrich

Insurance agents, their firms and an industry group agreed to drop a suit challenging the U.S. Department of Labor's 2020 interpretation on how fiduciary duties apply in rollover investment advice situations, which comes after the agency adjusted its regulations in March to reflect how litigation developments had changed policy.

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Health Plan Provider To Pay Up To $1.7M To End DOL Lawsuit

By Patrick Hoff

A health plan provider has agreed to pay up to $1.7 million to resolve a U.S. Department of Labor lawsuit claiming it unlawfully mixed plan assets from unrelated employers and charged its clients excessive fees, according to a filing in Illinois federal court.

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ER Docs Urge Justices To Back 5th Circ. Revival Of BCBS Suit

By Kellie Mejdrich

Emergency room doctors urged the U.S. Supreme Court on Monday not to disturb a Fifth Circuit decision reviving their insurance reimbursement dispute against Blue Cross Blue Shield involving out-of-network claims from employee benefit plans, arguing the appellate court correctly restarted proceedings in the case.

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EXECUTIVE COMPENSATION

Wells Fargo Ex-Exec Isn't Owed Payout, Fed Again Tells Court

By Sydney Price

The Federal Reserve has dug in on its stance that a former Wells Fargo anti-money laundering executive is not entitled to a "golden parachute" payout of over $450,000, telling a California federal court he still can't back his attempt to redistribute the blame.

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LITIGATION

Mediation Fails Again In Former NJ Judge's Pension Fight

By Jake Maher

A former New Jersey judge's suit against the state judiciary over the denial of her disability pension is back on after another round of mediation failed, according to a letter filed in New Jersey state court.

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Catching Up With Delaware's Chancery Court

By Jarek Rutz

The Delaware Chancery Court this past week tackled a fresh mix of deal litigation, procedural disputes and fiduciary duty claims, with several rulings and filings underscoring the court's continued focus on contractual precision, forum enforcement and the limits of stockholder challenges.

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EXPERT ANALYSIS

What DOL Proposal Signals For 401(k)s, Alternative Assets

The U.S. Department of Labor recently published a highly anticipated proposed rule that could establish more defined pathways for 401(k) plan fiduciaries to consider investment options with greater alternative asset exposure, and help fund sponsors and investment managers develop such options, say attorneys at Cleary.

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LEGAL INDUSTRY

ABA Settles Scholarship Suit After Disavowing Racial Criteria

By Grace Elletson

The American Bar Association struck a deal to end a suit claiming a scholarship program for racial and ethnic minorities discriminated against white applicants, in line with a vow it made last year that its programs would be race-neutral, according to a filing Monday in Illinois federal court.

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2nd Trump Judicial Nominee Questioned Over Fla. State Case

By Courtney Bublé

For the second time in a year, a judicial nominee for a Florida federal court is under scrutiny for allegedly presiding over a state level case involving President Donald Trump while being considered for a federal judgeship.

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Reed Smith Targeted In Eletson Gas Ownership Fracas

By Caroline Simson

Reed Smith LLP and two of its partners are facing a $262 million lawsuit in a long-running and bitter dispute over ownership of an international gas shipping company, as well as other issues that remain unresolved following the vacatur of an underlying $102 million arbitral award for fraud.

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Alabama Justices Toss Case Over Atty's AI-Hallucinated Briefs

By Lauren Berg

The Alabama Supreme Court tossed an appeal and sanctioned a Mobile, Alabama, attorney for filing "grossly deficient" briefs that contained multiple inaccurate legal citations that the justices attributed to artificial intelligence "hallucinations."

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Justices Deny Ramey Appeal Of Sanctions In Google IP Case

By Ryan Davis

The U.S. Supreme Court on Monday refused to review $255,000 in sanctions on embattled attorney William Ramey and a client for bringing what a California judge said was a frivolous patent suit against Google, turning down his appeal arguing the decision used the wrong legal standard.

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Analysis

How A Rush To Trial Paid Off With A Rare FCPA Acquittal

By Phillip Bantz

A defense strategy to fast-track the trial in a yearslong criminal foreign bribery case against a Mexican businessman in Texas appeared to backfire when he was convicted and sent to prison last year, but the gamble ultimately paid off when a judge permanently tossed the case earlier this month.

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Toss Of Atty's LVMH Claim 'Problematic,' 2nd Circ. Judge Says

By Pete Brush

A Second Circuit judge said Monday that he is having a "hard time" understanding how the firing of a LVMH lawyer wasn't connected to her earlier harassment allegations, indicating a willingness to revive retaliation claims against the luxury goods giant.

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LAW FIRMS IN TODAY'S NEWS

Armbrecht Jackson

Breazeale Sachse

Brown & Connery

Cleary Gottlieb

Consovoy McCarthy

Crowell & Moring

Figari & Davenport

Goulston & Storrs

Hogan Lovells

Jenner & Block

Jones Walker LLP

Kang Haggerty

King & Spalding

Law Office of Max Rodriguez

Law Offices of McGuinn Hillsman

Lawfair LLC

Loretta A. Preska

Perkins Coie

Quinn Emanuel

R. McConnell Group PLLC

Ramey LLP

Reed Smith

COMPANIES IN TODAY'S NEWS

American Bar Association

Apple Inc.

Ayala Pharmaceuticals Inc.

Blue Cross Blue Shield Association

BlueCross BlueShield of Alabama Inc.

Cisco Systems Inc.

Deseret Mutual Benefit Administrators

Google LLC

Harvard University

LVMH Moet Hennessy

London Court of International Arbitration

Masimo Corp.

National Association of Realtors

Renesas Electronics Corp.

Tesaro Inc.

Walt Disney Parks & Resorts Worldwide Inc.

Wells Fargo & Co.

World Wrestling Entertainment Inc.

YouTube Inc.

GOVERNMENT AGENCIES IN TODAY'S NEWS

Delaware Court of Chancery

Employee Benefits Security Administration

Federal Deposit Insurance Corp.

Federal Reserve Bank of San Francisco

Federal Reserve System

Government of Mexico

Office of the Comptroller of the Currency

Pennsylvania Supreme Court

U.S. Attorney's Office for the Southern District of Texas

U.S. Bankruptcy Court for the Southern District of New York

U.S. Court of Appeals for the Second Circuit

U.S. Department of Justice

U.S. Department of Labor

U.S. District & Bankruptcy Courts of Southern District of Texas

U.S. District Court for the Northern District of California

U.S. District Court for the Northern District of Illinois

U.S. District Court for the Northern District of Texas

U.S. District Court for the Southern District of Florida

U.S. District Court for the Western District of Texas

U.S. Supreme Court