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Viewing posts in the Legal category.


Tibble v. Edison: Why investment monitoring is as important as investment selection

Posted by Roger L. Levy, LLM, AIFA® on March 03, 2015 in Designee Posting In the News Legal

The ultimate decision of the Supreme Court in this ERISA fee litigation case will have a lasting impact on how we understand the fiduciary duty to monitor. In this guest post from AIFA designee Roger Levy, read why fi360's Prudent Practices say the standard for monitoring an investment is as stringent as the standard used to select an investment.

Tibble v. Edison: Why investment monitoring is as important as investment selection

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Wall Street Litigation Opens Window on Product Sales Conflicts

Posted by Duane Thompson on June 13, 2014 in Great Sources of Information In the News Legal

>>>The attempted defection by most of Deutsche Bank Securities’ private client group to an advisory firm last month offers a new twist to the old-fashioned tale of broker-poaching on Wall Street. In what may be a sign of the times, Wall Street executives are now encountering a new fiduciary culture emerging within its ranks, not merely brokers jumping ship for greener pastures. According to court documents in two lawsuits filed with the New York Supreme Court in Manhattan last month, Deutsche Bank Trust Company Americas v. HPM Partners and Pace v. Deutsche Bank Securities Inc.,...

Wall Street Litigation Opens Window on Product Sales Conflicts

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Fiduciary Links: At 5-Year Mark of Lehman Bankruptcy, SEC Still Under Close Hill Scrutiny

Posted by Duane Thompson on September 16, 2013 in Fiduciary Links Legal

>>>On September 15, 2008, Lehman Brothers filed for Chapter 11 protection from bankruptcy, triggering a financial meltdown and global crisis that reverberates today.  As the news media reprises the five-year anniversary, it seems the SEC is ready to move on, although House Republicans don’t seem as ready. For one thing, enforcement cases from the financial crisis are drying up due to the five-year statute of limitations clarified by the U.S. Supreme Court this February in Gabelli v. SEC.  In the Court’s words, the “five-year clock…begins to tick when the fraud...

Fiduciary Links: At 5-Year Mark of Lehman Bankruptcy, SEC Still Under Close Hill Scrutiny

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SEC Crackdown on Advisers a Reminder of Best Execution Duties

Posted by Duane Thompson on August 14, 2013 in In the News Legal

>>>>In late July the Securities and Exchange Commission sanctioned two investment advisers for failing to seek best execution with their affiliated broker-dealers. A.R. Schmeidler & Co., Inc. (ARS), a dually registered New York bank subsidiary, agreed to pay more than $1 million in fines and disgorgement fees to clients. Indianapolis-based Goelzer Investment Management, Inc. (GIM), and its principal, Gregory W. Goelzer, agreed to pay nearly $500,000 to settle charges. The latest enforcement actions by the SEC serve as a practical reminder of an adviser’s fiduciary duty of best execution. When acting in the capacity of...

SEC Crackdown on Advisers a Reminder of Best Execution Duties

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Fiduciary Comment Day Arrives

Posted by Byron Bowman on July 10, 2013 in Great Sources of Information In the News Legal

>>>>>Friday, July 5, was the second day of a four-day weekend for many people; but for those interested in the SEC’s consideration of the fiduciary standard and the harmonization of investment adviser and broker-dealer regulation, it was “Comment Day.”  That marked the end of the period to respond to the SEC’s request for information (“RFI”) regarding the effects of the imposition of a fiduciary standard on broker-dealers that provide retail investment advice and the effects of harmonization.  Almost 30 comments were filed on Friday (with an additional...

Fiduciary Comment Day Arrives

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How the SEC and FINRA Can Strengthen the Fiduciary Standard Now

Posted by Duane Thompson on June 12, 2013 in Advocacy In the News Legal

>>>>The Securities and Exchange Commission is awaiting public comment on its March 1 request for data involving the costs and benefits of adopting a uniform fiduciary standard for brokers and advisors.  Whether it eventually adopts a rule, after receiving clear authority from Congress three years ago to do so, remains open to question.     In the meantime, the Commission could utilize its longstanding amicus program to bring important issues involving brokers and advisers before the courts now, similar to the Department of Labor’s active amicus program.  Unfortunately, the SEC has a poor...

How the SEC and FINRA Can Strengthen the Fiduciary Standard Now

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