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Full-Text Articles in Law
Broker-Dealers And Investment Advisers: A Behaviorial-Economics Analysis Of Competing Suggestions For Reform, Polina Demina
Broker-Dealers And Investment Advisers: A Behaviorial-Economics Analysis Of Competing Suggestions For Reform, Polina Demina
Michigan Law Review
For the average investor trying to save for retirement or a child’s college fund, the world of investing has become increasingly complex. These retail investors must turn more frequently to financial intermediaries, such as broker-dealers and investment advisers, to get sound investment advice. Such intermediaries perform different duties for their clients, however. The investment adviser owes his client a fiduciary duty of care and therefore must provide financial advice that is in the client’s best interests, while the broker-dealer must merely provide advice that is suitable to the client’s interests—a lower standard than the fiduciary duty of care. And yet …
Beck Vs. Pace International Union: A Mask Of Unanimity To Conceal Disagreement And Confusion, Sharon Hritz
Beck Vs. Pace International Union: A Mask Of Unanimity To Conceal Disagreement And Confusion, Sharon Hritz
Journal of the National Association of Administrative Law Judiciary
No abstract provided.
The Federal Common Law Of Vicarious Fiduciary Liability Under Erisa, Colleen E. Medill
The Federal Common Law Of Vicarious Fiduciary Liability Under Erisa, Colleen E. Medill
University of Michigan Journal of Law Reform
The Employee Retirement Income Security Act of 1974 ("ERISA"), the federal law that regulates employer-sponsored benefit plans, has a rich history of judiciallycreated federal common law. This Article explores the theoretical, policy, statutory, and stare decisis grounds for the development of another area offederal common law under ERISA-the incorporation of respondeat superior liability principles to impose ERISA fiduciary liability ("vicarious fiduciary liability") upon a corporation for the fiduciary activities of its employees or agents. The Article proposes that the federal courts should adopt a federal common law rule of vicarious fiduciary liability under ERISA based on the traditional scope of …
Stock Market Volatility And 401 (K) Plans, Colleen E. Medill
Stock Market Volatility And 401 (K) Plans, Colleen E. Medill
University of Michigan Journal of Law Reform
Many workers today depend on their 401(k) plan to provide them with an adequate income during retirement. For these workers to achieve retirement income security, their 401(k) plan investments must perform well over their working lifetime. Employers' selection of investment options for the 401(k) plan, a fiduciary duty under the Employee Retirement Income Security Act of 1974 (ERISA), plays a critical role in determining investment performance. In this Article, Professor Medill uses a series of hypothetical litigation scenarios to illustrate how interpretation of the employer's duty of prudence and duty of loyalty under ERISA present different policy choices for the …
Employer Sponsored Health Benefit Plans Under Erisa After Pegram V. Herdrich: The Fiduciary Duty Argument And Mixed Eligibility Versus Treatment Decisions, Jack E. Karns
Journal of Law and Health
Accordingly, this Article is a rebuttal to the Supreme Court's opinion in Pegram v. Herdrich on the strength of two primary arguments. First, the Seventh Circuit's rationale was on-point and extremely sound in concluding that HMOs do stand as trustees as envisioned by the ESBP and cannot offer kickback payments to physicians simply to increase shareholder wealth at the expense of patient health and welfare. This was a textbook example of breach of fiduciary duty given the medical trust relationship between physician and patient. Had the HMO offered a hedge fund option using securities from firms other than itself, there …
Proposed Amendments To The Welfare And Pension Plans Disclosure Act, Stephen E. Dawson
Proposed Amendments To The Welfare And Pension Plans Disclosure Act, Stephen E. Dawson
University of Michigan Journal of Law Reform
Proposals to regulate private pension and deferred profit-sharing plans are by no means new to Congress. With the rapid growth in size, number and complexity of such plans in the late 1940's and early 1950's, Congress began to give increasingly close attention to their defects and, particularly, to their mismanagement. The first congressional attempt to reduce the instances of private pension plan mismanagement occurred in 1958 when Congress enacted the Welfare and Pension Plans Disclosure Act. The Act was amended once in 1962, and further proposed amendments are presently before the Congress. This note will examine two of the proposed …