News & Analysis as of

Duty of Care Conflicts of Interest Duty of Loyalty

Whiteford

The Fiduciary Duties of an Executor of An Estate in Virginia

Whiteford on

Executors and administrators of estates in Virginia must swear an oath before the probate clerk that they will “faithfully perform the duties of [their] office to the best of [their] judgment.” These duties are called...more

Mintz - Bankruptcy & Restructuring Viewpoints

Early- and Growth-Stage Companies in Distress: What Directors Need to Know about their Fiduciary Duties

Most high-growth companies find themselves in a race against the clock, trying to use whatever capital they may have to achieve milestones prior to hitting their cash-out date. When markets are tight, as they have been over...more

Pillsbury Winthrop Shaw Pittman LLP

DOL Expands Investment Advice Subject to Fiduciary Liability

Following previous failed attempts to expand the fiduciary liability of financial services providers, the DOL released a new rule that broadens the definition of “fiduciary” under ERISA. The new rule is expected to face...more

ArentFox Schiff

LIBOR Transition: (Bet You Didn't Know) Municipal Advisors’ and Underwriters’ Duties

ArentFox Schiff on

Municipal advisors, as well as other regulated entities, should be aware of their general obligations under Federal securities laws and MSRB Rules when formulating advice about securities or products, in particular if it...more

Vedder Price

The New Standards for Investor Protection: An Analysis of Regulation Best Interest, Form CRS and Two Interpretations of the US...

Vedder Price on

On June 5, 2019, the Securities and Exchange Commission (the “SEC”) voted three to one to approve a package of rulemakings and interpretations designed to enhance the quality and transparency of investors’ relationships with...more

Faegre Drinker Biddle & Reath LLP

SEC Interpretation Offers Clarification on an Investment Adviser’s Duties of Care and Loyalty

As part of its “Reg BI Package”, approved on June 5, 2019, the Securities and Exchange Commission (the “SEC”) sought to clarify the fiduciary duty that an investment adviser owes to its clients under the Investment Advisers...more

Troutman Pepper Locke

Investment Management Update - July 2019

Troutman Pepper Locke on

Covering legal developments and regulatory news for registered funds, their advisers and industry participants through June 30, 2019. Auditor Independence With Respect to Certain Loans or Debtor-Creditor Relationships - On...more

Eversheds Sutherland (US) LLP

New SEC interpretation impacts timberland investment advisors

On June 5, 2019, the US Securities and Exchange Commission adopted a comprehensive package of rulemakings and interpretations governing the standard of conduct applicable to broker-dealers and the fiduciary duty applicable to...more

Akin Gump Strauss Hauer & Feld LLP

SEC Adopts New Interpretation of Fiduciary Duty

On June 5, 2019, the Securities and Exchange Commission (SEC) adopted a comprehensive interpretation (the “Interpretation”) of the fiduciary duties that investment advisers owe to their clients under the Investment Advisers...more

Akin Gump Strauss Hauer & Feld LLP

SEC Proposes New Interpretation of Fiduciary Duty

On April 18, 2018, the Securities and Exchange Commission (SEC) proposed a new interpretation (the “Proposed Interpretation”) of the fiduciary duties of investment advisers under the Investment Advisers Act of 1940, as...more

Cadwalader, Wickersham & Taft LLP

Chancery Court Provides Lessons on Conflicts of Interest in a Sales Process – Holds Only Financial Advisor Open to Liability

In an October 1st decision (In re Zale Corporation), the Delaware Chancery Court dismissed claims that Zale Corporation’s directors breached their fiduciary duties in connection with Zale’s agreement to merge with Signet. ...more

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