Lawyers Gear Up to Take Down New Fiduciary Rule

Lawyers Gear Up to Take Down New Fiduciary Rule

April 29, 2024

United States
United States
United States

Life Annuity Specialist

Eversheds Sutherland Of Counsel Mark Smith is quoted in this Life Annuity Specialist article regarding the US Department of Labor’s (DOL) Final Rule 4.0 that affects the distribution of life and annuity products into retirement accounts.

In the article, Mark disagrees with the DOL’s assertion that the 2024 rule will fare better in court than the 2016 rule.

"There is no practical sense in which the 2024 definition is narrower than the 2016 rule," he said. [The] rule again "conflates trust and confidence in a business counterparty with automatic fiduciary status," which was not the common legal understanding in 1974 when ERISA was made law, he said.

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marksmith@eversheds-sutherland.com

W. Mark Smith

Of Counsel

Washington, DC, United States

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