The American Council of Life Insurers ("ACLI") submitted a statement to the Health, Education, Labor and Pensions Subcommittee criticizing the Department of Labor's proposed fiduciary duty rule. The ACLI statement was submitted at a Subcommittee hearing titled "Restricting Access to Financial Advice: Evaluating the Costs and Consequences for Working Families and Retirees." According to ACLI, the Department of Labor's proposed fiduciary rule will "restrict activities that encourage low-to-moderate-income Americans to save, stifle the formation of small business workplace benefit plans, and

SIFMA and numerous financial associations filed a complaint against the Department of Labor with the U.S. District Court for the Northern District of Texas. The complaint would strike down an "overreaching" DOL fiduciary rule.

Cadwalader attorneys examined a landmark decision by a U.S. District Court that found two private equity funds jointly and severally liable under ERISA for a multiemployer pension plan withdrawal liability of a portfolio company.

The Department of Labor proposed a 60-day delay of the applicability date of the Fiduciary Duty Rule.

The Department of Labor adopted its final regulation addressing the definition of who is a fiduciary of an employee benefit plan under ERISA, by virtue of giving investment advice to a plan, its participants or its beneficiaries.