4 takeaways after courts block ERISA advice regs

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Eversheds Sutherland Partner Carol McClarnon is quoted in this Law360 article about two recent decisions that took down the US Department of Labor’s recently expanded definition of a fiduciary under the Employee Retirement Income Security Act. As a result of these decisions, attorneys say the DOL’s authority to oversee certain kinds of retirement investment advice including some rollover situations is limited.

In the article, Carol said she took away from the two decisions that "the DOL is overstepping with its attempts to regulate IRAs."

In addition, Carol said in light of the decisions, “I think it’s time for them to give up on this particular strategy. I understand that the retirement industry and retirement plans have changed. But they can’t change the statue. You know, that has to be Congress,” she said.