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Fiduciary

Class-Actions Sep 29, 2017

Trump Administration Targets Class-Action Right in DOL Fiduciary Rule, but Other Legal Avenues Could Remain for Investors

Even before the Labor Department has finished its review of its fiduciary rule, the Trump administration has made clear that it is targeting a part of the measure that would make it easier for investors to pursue class-action lawsuits against financial advisers. The latest evidence is a DOL Field Assistance Bulletin released on Wednesday, that said that the agency would not bring enforcement …

joy-global

Class-Actions Sep 15, 2016

Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Joy Global Inc.

The complaint charges Joy Global, its Board and Komatsu with breaches of fiduciary duty, aiding and abetting breaches of fiduciary duty and/or violations of the Securities Exchange Act of 1934 (“1934 Act”) arising out of defendants’ efforts to complete the sale of Joy Global to Komatsu pursuant to an unfair process and for an unfair price (the “Proposed Acquisition”). Joy Global is a leading …

Suffolk SCNB

Notices Aug 27, 2016

Robbins Arroyo LLP: A Class Action Lawsuit Has Been Filed Against Suffolk Bancorp (SCNB)

SAN DIEGO & RIVERHEAD, N.Y.–(BUSINESS WIRE)–Shareholder rights law firm Robbins Arroyo LLP announcesthat a class action lawsuit has been filed against Suffolk Bancorp (NYSE: SCNB) in the Supreme Court for the State of New York, County of Suffolk. The complaint is brought on behalf of shareholders of Suffolk for alleged breaches of fiduciary duties in connection with the acquisition of the …

Lawsuits Aug 17, 2016

Lawsuits Bring 401(k) Fees Into Question

Is 401(k) fee litigation over? Now that many of the cases contending that large 401(k) plans paid too high fees have been settled or decided, it would be tempting for plan sponsors that haven’t been sued to breathe a sigh of relief. They should not do so, because litigation continues unabated with new theories and targets.

News Aug 15, 2016

ERISA Excessive Fee Lawsuits Hit 403(b) Plans of Higher Education Institutions

Not surprisingly, in its most recent round of “excessive fee” lawsuits under the Employee Retirement Income Security Act (ERISA), the plaintiffs’ bar has begun targeting 403(b) plans sponsored by higher education institutions such as Yale University, the Massachusetts Institute of Technology, New York University, and Duke University. Cases like Tibble v. Edison …

Legal News Apr 22, 2016

Will Fiduciary Rule Spur New Lawsuits Against Advisors?

With the Labor Department’s fiduciary rule finalized, are some advisors now a target for lawsuits? Experts suggest that the threat of litigation – which exists because the rule provides clients with the right to legal action – could push some firms to change business models and spur some advisors to exit the business. “Litigation is one area where firms are particularly…

Lawsuit definition highlighted

Lawsuits Jan 28, 2016

Recent Class-Action Surge Ups the Ante for 401(k) Advice

All eyes may be on the Labor Department’s fiduciary rule, but don’t forget the courts.Eleven major class-action lawsuits were filed in federal courts around the country against 401(k) sponsors or providers of retirement products in the fourth quarter of 2015. All involve alleged fiduciary breach claims of, among other things, excessive fees benefiting service providers in violation of the …