DOL, SEC Enforcement: DOL Wins Settlement for Whistleblowers
Meanwhile, the SEC charged a former investment bank analyst who worked in JPMorgan’s San Francisco office with insider trading.
DOL Tackles Key Fiduciary Plan Proposals at Hearings
First round of DOL hearings prompts discussions on Best Interest Contract Exemption, mandatory arbitration as well as whether the proposed plan would spur lawsuits.
SIFMA, U.S. Chamber Barrage DOL as Fiduciary Rule Comment Deadline Looms
SIFMA, for its part, filed not just one comment letter but eight, along with two studies highlighting the fiduciary rule's challenges.
DOL Fiduciary Redraft Will Be Changed, Top Official Says
DOL is ‘committed’ to fiduciary redraft but not ‘wedded to any particular’ wording or text, says DOL’s Hauser.
DOL Fiduciary Proposal Threatens Small-Biz Retirement Plans: U.S. Chamber
Former EBSA head Brad Campbell notes another potentially "significant" problem of DOL plan is requiring advisors to purchase "fiduciary insurance."
DOL Extends Fiduciary Comment Period by 15 Days
With the 15-day extension, “the initial comment period will be 90 days and the department anticipates the opportunity for public comments may be more than 140 days in total,” DOL says.
Enforcement Roundup: Defense Contractor Fined for ‘World Tour’ of Bribery
Meanwhile, FINRA fined Newbridge Securities Corp. for buying and selling corporate bonds at unfair prices.
Bracing for the Next Wave of 401(k) Lawsuits
The 10 largest class-action settlements of ERISA claims topped $1.3 billion in 2014, almost 10 times the sum of the biggest settlements in 2013.
BNY Mellon to Pay $714M for Bilking Forex Customers
Bank of New York Mellon will repay $84 million to customers it admitted to defrauding through its "standing instruction" foreign exchange trading program.
GOP Reps Demand Proof DOL Didn’t Go It Alone on Fiduciary
Lawmakers tell Secretary Perez to hand over SEC correspondence, but advocates say Congress’ efforts to stall the fiduciary redraft are futile.