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DOL Fiduciary News: July 21, 2016

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Investor Plaintiff Lawyers Expect More Victories With DOL Rule

Financial Advisor, July 20, 2016

Investor plaintiffs’ lawyers say the Department of Labor’s fiduciary rule will give them some extra leverage in winning damages from arbitration panels—but they don’t expect a huge windfall.

The DOL rule gives investors the right to file arbitrations or class-action claims for violations of the rule, giving rise to industry concerns about increased liability.

Sure enough, plaintiffs’ lawyers think the rule will help win damages.

Private Investment Fund Managers and Other Investment Advisers May Be Affected by Department of Labor’s New Fiduciary Rules

The National Law Review; July 20, 2016

On April 6, 2016, the U.S. Department of Labor (DOL) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (Code) as a result of providing investment advice. As discussed below, the final rule's definition of fiduciary investment advice significantly expands the group of people who would be considered fiduciaries under ERISA and the Code, and might cover certain marketing and other related activities common to the investment management industry (including the private investment fund industry).

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