Message from the Firm
By Joe Faucher
In this month’s ERISA Controversy Report, two of our three articles don’t actually relate to litigation or disputes—not directly anyway. Instead, they deal with issues that, if not properly addressed in advance, could lead to liability for benefit plan fiduciaries. Fred Reish’s article discusses a proposed revision to the Department of Labor regulation regarding fiduciary status arising out of investment advice. In a nutshell, if the Department’s proposal is finalized, persons in the chain of distribution for investment products will be more likely to be considered fiduciaries—and to have all of the potential liability that comes with fiduciary status.
My article regarding ERISA’s bonding requirement scratches the surface of who may be required to be bonded under ERISA and the equally important but little understood question, “who is responsible for securing the bond?” You might be surprised at the answers.
Finally, my article describing a recent case we handled shows that in litigation involving employee benefit plans and employee benefit plan service providers, it is important to choose an attorney that not only knows employee benefit plans, but knows litigation as well.
As always, we hope you find our newsletter useful and look forward to your questions and comments.
Reprinted with permission,
© 2011 Reish & Reicher, A Professional Corporation. All rights reserved. The ERISA Controversy Report is published as a general informational source. Articles are general in nature and are not intended to constitute legal advice in any particular matter. Transmission of this report does not create an attorney-client relationship. Reish & Reicher does not warrant and is not responsible for errors or omissions in the content of this report.
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