Tax & Benefits Partner Cautions That The DOL Rule Still Has Potential Litigation Risk for Firms

In The News
August 23, 2018

A July 27 article published by InvestmentNews titled “DOL fiduciary rule can cause litigation risk from beyond the grave” outlines that although the Labor Department’s fiduciary rule was struck down by the 5th Circuit Court of Appeals, it can still cause litigation risk for firms that changed their policies to comply with the measure. The piece includes insights from tax & benefits partner Josh Lichtenstein.

“As long as institutions leave these policies on the books, you can still find yourself subject to this type of action,” said Mr. Lichtenstein, referring to Massachusetts Secretary of the Commonwealth William Galvin's enforcement action against Scottrade Inc. “If you adopted policies and procedures, you need to make sure you're following them, or, if you decide it is appropriate, change them back.”