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401(k) Plan Sponsors Targeted for ERISA Lawsuits
Nothing is more important to law firm success than having talented, motivated employees. From the receptionists who greet clients to the lawyers who service the business, every employee contributes. Benefit plans are a significant factor in the ability of law firms to recruit and retain top talent. One of the most common benefit offerings is the 401k plan. While employers can and often do contribute to these plans, the core component is each employee's ability to save a portion of his earnings tax deferred. As such, 401k plans can be instituted at very low cost to the firm.
Most law firms are not large enough to have a full-time employee tasked with managing the firm's benefits. Responsibility can lay in the hands of a partner, an administrative employee, or a third party. Chances are that managing the 401k plan will fall relatively low on the list of priorities. Many firms will set up a plan with the assistance of a vendor, enroll the employees, and rarely think about plan administration, assuming all is well. Up until two years ago, taking such a laissez-faire approach, while not necessarily prudent, was unlikely to result in a lawsuit because employees could not file suit under ERISA for losses related to their individual accounts. This principle changed with the Supreme Court's decision in Larue v. DeWolff, holding 401k plan participants have a cause of action under ERISA to sue for individual, as opposed to planwide, losses. To this end, law firms need to take a close look at who the fiduciaries are with respect to their plan, and how the plan is being managed. This is particularly true in partnerships where one partner's conduct can result in liability for others.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.