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Variable annuity holder granted standing to sue for excessive underlying mutual fund fees
  • Jorden Burt LLP
  • USA
  • October 30 2012

The United States District Court in New Jersey recently issued an unpublished ruling that a variable annuity holder had standing to sue for allegedly excessive management fees paid by an underlying mutual fund.


Mutual funds and insurance companies eye major swap participant definition
  • Jorden Burt LLP
  • USA
  • August 27 2012

In April, the CFTC and SEC (the Commissions) finalized rules defining what swap or security-based swap activities will cause a person or company to be a major swap participant or a swap dealer under Dodd-Frank.


Sub-adviser fees latest focus of excessive fee suits
  • Jorden Burt LLP
  • USA
  • September 29 2011

Sub-adviser fees have garnered the attention of plaintiff lawyers bringing excessive fee claims against mutual fund advisers -- not because they are alleged to be excessive but because they allegedly demonstrate that the investment management fees retained by the adviser are excessive


Seventh Circuit again finds that sponsor's offering of retail mutual funds in defined-contribution plan does not run afoul of ERISA duties
  • Jorden Burt LLP
  • USA
  • September 12 2011

Following its earlier holding in Hecker v. Deere & Co., 556 F.3d 575 (7th Cir. 2009), the United States Court of Appeals for the Seventh Circuit has again rejected ERISA breach of fiduciary duty claims brought against a plan sponsor by plan participants challenging the sponsor's offering of "retail" mutual funds as investment options in its defined-contribution retirement plan.


Tips on preparing SAR narratives
  • Jorden Burt LLP
  • USA
  • August 18 2011

In its current issue of The SAR Activity Review Trends, Tips & Issues, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) published extensive guidance to assist financial institutions, including brokerdealers and mutual funds, in filing suspicious activity reports (SARs).


High Court addresses rule 10b-5
  • Jorden Burt LLP
  • USA
  • August 18 2011

The Supreme Court recently issued two opinions regarding rule 10b-5.


Foreign account reporting requirements clarified
  • Jorden Burt LLP
  • USA
  • May 17 2011

In February, FinCEN amended the Bank Secrecy Act regulations that require Reports of Foreign Bank and Financial Accounts (FBARs).


Broker-dealer retail disclosure proposal faces industry resistance
  • Jorden Burt LLP
  • USA
  • March 30 2011

In response to Regulatory Notice 10-54, FINRA received over 300 comment letters regarding its concept proposal to require broker-dealers to provide a disclosure statement to retail investors at or before the commencement of a business relationship.


FinCEN clarifies SAR confidentiality requirements
  • Jorden Burt LLP
  • USA
  • March 30 2011

Suspicious Activity Reports (SARs) are confidential documents, prepared after careful analysis, to alert the government to transactions that might indicate money laundering or financial support for terrorist groups.


SEC re-proposes security ratings changes
  • Jorden Burt LLP
  • USA
  • February 10 2011

On February 9, 2011, the SEC unanimously voted to re-propose rule amendments that would eliminate security ratings as a condition for "short form" registration.