Top News

D.C. joins coalition urging Labor Department to stop delaying fiduciary rule

Mark Iandolo Apr. 24, 2017, 8:45am

WASHINGTON (Legal Newsline) — District of Columbia Attorney General Karl A. Racine announced April 20 that he has joined a coalition of attorneys general led by Iowa Attorney General Tom Miller in urging the U.S. Department of Labor to lift its delay on implementing a rule.

Wells Fargo to pay $5.4 million, settles allegations of terminating employee for whistleblowing

Mark Iandolo Apr. 19, 2017, 10:55am

The U.S. Department of Labor announced April 3 that its Occupational Safety and Health Administration (OSHA) has ordered Wells Fargo Bank N.A. to compensate and reinstate a former bank manager who lost his job after reporting suspected fraudulent behavior to superiors and a bank ethics hotline.

Second public comment period on DOL’s fiduciary rule ends; some groups say more time is needed for review

Jessica Karmasek Apr. 18, 2017, 1:26pm

The U.S. Department of Labor’s controversial new rule mandates financial professionals who service individual retirement accounts, including IRAs and 401(k) plans, to serve the “best interest” of the savers and disclose conflicts of interest.

Televangelist's Ohio restaurant ordered to pay nearly $400,000 in back wages

Mark Iandolo Apr. 10, 2017, 12:42pm

CUYAHOGA FALLS, Ohio (Legal Newsline) — The U. S. Department of Labor (DOL) announced April 4 that Cathedral Buffet and its owner, televangelist Ernest Angley, have been ordered by a federal judge to pay $388,507 in back wages and damages to 235 “volunteers” who worked at the Cuyahoga Falls, Ohio, restaurant.

DOL releases measure to officially delay April applicability date of its fiduciary rule

Jessica Karmasek Apr. 10, 2017, 10:24am

The applicability date of the rule and related exemptions will be extended from April 10 to June 9, the U.S. Department of Labor announced last week.

Acosta, Trump’s pick to head DOL, says he will follow order to review fiduciary rule

Jessica Karmasek Mar. 27, 2017, 11:51am

R. Alexander Acosta, President Donald Trump’s labor secretary nominee, faced members of the U.S. Senate Health, Education, Labor and Pensions, or HELP, Committee during his confirmation hearing Wednesday.

House Democrats argue DOL’s proposed delay of fiduciary rule could hurt savers

Jessica Karmasek Mar. 20, 2017, 2:01pm

The U.S. Department of Labor said earlier this month it would move forward -- under the direction of President Donald Trump -- with its efforts to delay the April 10 applicability date of the new “conflicts of interest” rule. The department said under its proposal the applicability date of the rule and related exemptions would be extended to June 9.

Appeals piling up against DOL over its fiduciary rule

Jessica Karmasek Feb. 27, 2017, 2:50pm

A group of associations have filed an appeal in the U.S. Court of Appeals for the Fifth Circuit and a Kansas-based company has filed an appeal in the U.S. Court of Appeals for the Tenth Circuit over the controversial new rule. The rule mandates financial professionals who service individual retirement accounts, including IRAs and 401(k) plans, to serve the “best interest” of the savers and disclose conflicts of interest.

Texas federal judge upholds DOL’s fiduciary rule, denies motion to stay case

Jessica Karmasek Feb. 10, 2017, 4:17pm

Judge Barbara M.G. Lynn, in a detailed 81-page order released Wednesday, shot down each of the plaintiffs’ major arguments, most notably deciding that the rule does not exceed the U.S. Department of Labor’s authority.

Trump order seeks review of DOL’s fiduciary rule

Jessica Karmasek Feb. 3, 2017, 3:41pm

The president’s order, signed Friday, instructs the U.S. Department of Labor to conduct a new study to determine whether the rule is likely to harm investors and the financial industry, and if it does, the rule can be rescinded or revised.

Labor Department targets Vermont ESOP fiduciaries for allegedly violating ERISA

Mark Iandolo Jan. 19, 2017, 9:53am

MONTPELIER, Vt. (Legal Newsline) — The U.S. Department of Labor (DOL) announced a lawsuit Jan. 5 against First Bankers Trust Services Inc. and Sonnax Industries Inc. and its owners for alleged violations of the Employee Retirement Income Security Act.

GOP lawmaker introduces federal legislation aimed at delaying DOL’s fiduciary rule

Jessica Karmasek Jan. 9, 2017, 11:33am

The legislation, introduced by U.S. Rep. Joe Wilson of South Carolina Friday, would provide for a two-year delay of the U.S. Department of Labor’s fiduciary rule’s effective date. The rule mandates financial professionals who service individual retirement accounts, including IRAs and 401(k) plans, to serve the “best interest” of the savers and disclose conflicts of interest.

Attorneys for plaintiffs in lawsuit brought over DOL ‘persuader rule’ seek nearly $480,000 in fees

Jessica Karmasek Dec. 5, 2016, 12:14pm

Houston law firm Ogletree Deakins Nash Smoak & Steward PC, Lubbock firm Bustos Law Firm PC and El Paso firm Kemp Smith LLP are hoping to recover a maximum of $479,834.50 in fees, but said in their motion they also would accept $323,442.63 or $222,645, depending on the rate used by the Texas federal court.

Labor Department's Persuader Rule 'a dead duck,' attorney says

Deb Rogers Nov. 28, 2016, 1:52pm

A rule that would have made attorney and client talks on union issues on the record was given a permanent injunction last week in federal court.

Texas federal judge issues nationwide permanent injunction against U.S. Department of Labor’s ‘persuader rule’

Jessica Karmasek Nov. 18, 2016, 7:19am

The persuader rule, or Persuader Advice Exemption Rule, was meant to effectively eliminate the “advice exemption” under the Labor-Management Reporting Disclosure Act, or LMRDA. Basically, LMRDA requires employers to report each time they engage a consultant to persuade employees on how to use their collective bargaining rights.

Non-profit group pushes Congress to stop new labor rules, including DOL’s potentially costly fiduciary rule

Jessica Karmasek Nov. 14, 2016, 8:36am

Those within the financial services community seem hopeful, with Donald Trump’s presidential win Tuesday, that the U.S. Department of Labor’s conflicts of interest rule is in play.

Nevada Attorney General leads 21-state coalition against DoL's new overtime rule

Mark Iandolo Nov. 1, 2016, 9:26am

CARSON CITY, Nev. (Legal Newsline) – Nevada Attorney General Adam Paul Laxalt announced this week the filing of a motion for preliminary injunction and request for expedited consideration on behalf of 21 coalition states in Nevada’s federal lawsuit against the U.S. Department of Labor’s new overtime rule.

Labor Department targets Sentry Equipment Erectors owner for alleged ERISA violations

Mark Iandolo Oct. 28, 2016, 8:47am

LYNCHBURG, Va. (Legal Newsline) — The U.S. Department of Labor recently filed a lawsuit against the fiduciaries of a Virginia-based employee stock ownership plan for allegations of failing to protect the assets of the plan.

Christian financial services organization sues U.S. DOL over its fiduciary rule

Jessica Karmasek Oct. 13, 2016, 12:56pm

Minneapolis-based Thrivent Financial for Lutherans argues the new rule, which, among other things, redefines the term fiduciaries, would subject it to penalties under federal law and would force it to agree contractually with its customers that they could participate in class actions against the organization.

Attorney: U.S. SC should be tempted to review DOL's tip-pooling rule

Kristin Danley-Greiner Sep. 29, 2016, 1:06pm

SAN FRANCISCO (Legal Newsline) -- In a win for tipped employees and a blow to businesses in the restaurant and hospitality industry, the U.S.Court of Appeals for the Ninth Circuit recently refused to rehear a case regarding a controversial tip-pooling regulation.