Los Angeles partner Fred Reish spoke to CNN and Investment News about the Supreme Court hearing in Tibble v. Edison, the culmination of a lawsuit initially filed in 2007 by plan participants against their employer, which has paved the way for litigation against plan sponsors for having excessively costly funds within a 401(k) plan.
Fred commented on the issues in the case and said that while it centers on a technical issue, a decision in favor of the 401(k) participants would reinforce the fact that employers must use their buying power to get the best possible 401(k) deal for their employees.
To read the CNN article click here.
To read the Investment News article, click here.
Fred was also quoted in an InsuranceNewsNet article on the Obama administration’s priority on establishing a new standard of care for sale of investments into retirement accounts. Fred emphasized that the administration has not declared war with the financial services industry through this proposal.
To read the entire InsuranceNewsNet article, click here.