Artificial intelligence (AI) has made waves across various industries, and wealth management is no exception. AI’s ability to analyze vast amounts of data and generate insightful reports has the potential to significantly...more
As you may be aware, Employee Retirement Income Security Act (ERISA) fidelity bonds and fiduciary liability insurance are not the same. Both serve to mitigate risk for fiduciaries, and are critical aspects of an employee...more
Excessive fee class action lawsuits continued to harass plan fiduciaries and the fiduciary liability insurance market in 2022, with 88 new suits filed...more
In this three-part series, Woodruff Sawyer management liability expert Jon Janes shines a light on three often-overlooked lines of management liability coverages: Employment Practices Liability, Fiduciary Liability, and Crime...more
Many startups perceive insurance as a luxury, shelving it until they are further along in the company's lifecycle. However, any business serious about sustainable growth should not postpone this decision. There is always...more
The United States Court of Appeals for the Fifth Circuit recently upheld an insurer’s denial of fiduciary liability coverage for claims brought against a third party appointed by the insured to manage its employee stock...more
With the end-of-the-year hustle already around the corner, now is a great time to dust off your company’s ERISA fiduciary liability policy to ensure your plan fiduciaries have robust, comprehensive coverage. Fiduciary...more
The warranty in the electronics business is gravy for the retailers who sell it. You’ll be surprised how many people pay $20 to get a warranty on a $100 Blu-Ray player. When Best Buy was going national, they advertised how...more
All public pension plans need a well-crafted fiduciary liability insurance policy. This should include ample coverage, including protection against the risk of impending litigation. The recent ruling by the U.S. Court of...more
When I was a kid, there were two varieties of Cheerios, one version of Listerine, and one type of Crest toothpaste. If you got to the supermarket these days, there are about a dozen varieties of Cheerios, more than a half...more
The United States Court of Appeals for the Ninth Circuit, applying California law, has held that an excess insurer could not second-guess the payment decisions of underlying insurers absent a showing of fraud or bad faith, or...more
In the recent weeks our risk management team has identified a number of insurance-related issues relevant to clients dealing with the outbreak of the disease caused by the novel coronavirus, known as COVID-19, that we felt...more
In this episode of the Proskauer Benefits Brief, partner Ira Bogner and senior counsel Adam Scoll discuss ERISA’s bonding requirements. ERISA’s bonding rules generally require that every fiduciary of an ERISA-covered employee...more
Ensure that You are Equipped with the Latest Updates and Strategies to Prevent, Manage and Defend Against Rising, Costly ERISA Disputes - This annual event is your best opportunity to gain best practices for your everyday...more
401(k) Plan Sponsors Maybe Cutting Their Nose To Spite Their Face. It's an absolute mistake. I once worked for a man who was the type of person who wouldn't have minded to have lost $5 to save $3. I was at a Synagogue...more