Law Firm Investigates Potential ERISA Violations by GlaxoSmithKline
Holzer Holzer & Fistel, LLC is investigating potential violations of the Employee Retirement Income Security Act (ERISA) by GlaxoSmithKline plc.
Compliance
NJ Hit with Fraud Charges for Pension Funding Disclosure Failures
In the first such action of its kind, the U.S. Securities and Exchange Commission (SEC) charged the state of New Jersey with securities fraud for not properly disclosing...
Merrill Lynch Fined for UIT Discount Failures
The Financial Industry Regulatory Authority (FINRA) has fined Merrill Lynch $500,000 for failing to provide sales charge discounts to customers of eligible purchases of Unit Investment Trusts (UITs).
Raymond James Lawsuit Dismissed
A federal judge has thrown out a lawsuit accusing Raymond James of misleading investors and reserving too little for loan losses.
Regs Exempting Plan Loans from Disclosure Requirements in Effect
New Federal Reserve regulations exempting most plan loans from federal Truth in Lending Act (TILA) disclosure requirements became effective in July.
IRS Replaces Form 5500 Schedule SSA
Beginning with returns for the 2009 plan year, the Schedule SSA has been eliminated as a schedule of the Form 5500 annual return/report and is replaced with Form...
Regulators Update Best Practices About Serving Senior Investors
The Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and North American Securities Administrators Association (NASAA) have outlined practices used by financial services firms to strengthen...
KeyCorp Stock Drop Case Dismissed
A stock drop lawsuit has been dismissed, according to plaintiffs’ attorneys.
Court OKs $16.5M Caterpillar 401(k) Fee Pact
A federal judge has given final approval to a $16.5-million settlement of an excessive 401(k) fee suit against Caterpillar, Inc.
PBGC Takes Chicago Sun-Times Pension Plans
The Pension Benefit Guaranty Corporation (PBGC) has assumed responsibility for seven plans covering almost 2,360 workers and retirees of the Chicago Sun-Times.
Defrocked NM Broker Rolls the Dice to Stay out of Jail
A New Mexico judge has approved an unusual plea deal in a securities fraud case allowing a former Albuquerque stock broker accused of fleecing clients in order to...
Auto IRA Bill Introduced in the House
Massachusetts Congressman Richard E. Neal has introduced the Automatic IRA Act of 2010 in the U.S. House of Representatives.
Verizon Allowed to Fix Plan Drafting Mistake
Admitting it was creating “tension” with the plan documents rule in federal benefits law, a federal appellate court has allowed an employer to correct a drafting error that...
EBSA Schedules VFCP Seminar for the Big Apple
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) will hold a free New York City workshop on September 1 about its Voluntary Fiduciary Correction Program (VFCP)....
Auto-IRA Bill Introduced to Spur Retirement Savings
U.S. Senator Jeff Bingaman (D-New Mexico) has introduced legislation that, when fully phased in, would give nearly 42 million Americans an “easy, effective way to take responsibility...
NJ Man Held in Pension Embezzlement Scheme
Federal agents have arrested a New Jersey man on charges he embezzled $263,000 from his company’s pension fund.
Parties Settle General Dynamics 401(k) Fee Case
General Dynamics Corporation and Fiduciary Asset Management (FAMCO) have agreed to a $15.1-million settlement of a 401(k) excessive fee lawsuit.
DoL and Treasury to Hold Hearing on Lifetime Income Options
The U. S. Department of Labor’s Employee Benefits Security Administration (EBSA) and the Department of the Treasury have announced a joint public hearing on issues relating to lifetime...