Developments in Retirement Plan Investment and Excessive Fee Litigation: A View From the Trenches
Navigating Prohibited Transaction Rules, Fiduciary Duties, Recent DOL Investigations, and Civil Litigation
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will discuss the current landscape of retirement plan investment and fee litigation. The discussion will focus on the offering of proprietary investment products and services in financial service company plans, and similar investment and fee litigation arising from the offering of investment products and services in client plans. The panel will also address how plan sponsors and fiduciaries can avoid or mitigate the risk of litigation in this changing legal environment.
Outline
- Risks with offering proprietary funds in retirement plans and the varied legal standards
- Investment management and 3(38) management services
- Breach of fiduciary duty
- DOL investigations and class action complaints
- Anticipating the next wave of retirement plan litigation
Benefits
The panel will review these and other key issues:
- What are the peculiar problems associated with offering proprietary funds and the varied legal standards governing their use?
- What are the potential risks associated with providing expanded investment management, including delegated 3(38) investment management services, to client plans?
- How might a finding of a fiduciary breach concerning these products and services impact the provider's business model?
- What are the steps that can be taken to avoid problems before they erupt into a DOL investigation and an ERISA class action?
- Looking ahead, what are the issues the plaintiffs' bar will focus on in the next wave of retirement plan litigation?
Faculty
Joshua A. Lichtenstein
Partner
Ropes & Gray
Mr. Lichtenstein is a partner in the tax & benefits department in the firm's New York office and focuses on... | Read More
Mr. Lichtenstein is a partner in the tax & benefits department in the firm's New York office and focuses on ERISA and employee benefits. He advises asset managers and employee benefit plans regarding the investment of plan assets and a wide range of related issues, including how to operate as an ERISA fiduciary, the prohibited transaction rules and related exemptions, and on how to structure and maintain a fund so that it qualifies as a venture capital operating company (a VCOC) or Real Estate Operating Company (REOC) or satisfies the so called ERISA “25% test."
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Amy Jane Longo
Partner
Ropes & Gray
Ms. Longo represents corporations, and their directors and officers in ERISA and other class actions, derivative... | Read More
Ms. Longo represents corporations, and their directors and officers in ERISA and other class actions, derivative suits, and a range of complex litigation, as well as internal investigations and enforcement matters. In addition, she counsels public and private companies on their document retention policies and best practices for electronic discovery and litigation response plans.
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Amy D. Roy
Partner
Ropes & Gray
Ms. Roy is a partner in the securities litigation group of Ropes & Gray, where she has practiced since 2007. She... | Read More
Ms. Roy is a partner in the securities litigation group of Ropes & Gray, where she has practiced since 2007. She represents financial services firms, including investment advisers and mutual funds, and other clients in securities litigation and other complex business disputes in courts around the country. Ms. Roy focuses her practice on the investment management industry and has experience in litigating many of the leading issues facing the mutual fund industry, including excessive fee claims and subprime-related losses. In addition to active litigation matters, she regularly advises clients in federal and state government investigations.
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Daniel V. Ward
Partner
Ropes & Gray
Mr. Ward has a wide range of experience in complex commercial disputes and securities litigation, including trials and... | Read More
Mr. Ward has a wide range of experience in complex commercial disputes and securities litigation, including trials and appeals, investigations and international arbitration. His clients include public and private companies, investment advisers (including private equity sponsors, hedge funds and mutual funds) and individual officers and directors.
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