Life Insurance & Securities/Financial Services Industry
- Obtained a full dismissal at the pleading stage for an annuity issuer in a multimillion-dollar, multiple-defendant action involving alleged churning and other misconduct by an independent investment adviser and insurance broker. The appeal was withdrawn. Minnick v. Wittman Capital Management, No. A-17-763808-B (Nev. Dist. Ct.).
- Obtained, and defended on alternative grounds on appeal, a favorable summary judgment ruling of broad industry significance relating to the standard for tolling the statute of limitations on fraud, conversion, and negligence claims against a putative principal/issuing company based on alleged fraudulent concealment or continuing course of conduct by an independent financial adviser/insurance agent. Carson v. Allianz Life Insurance Company of North America, No. AC 39217 (Conn. App. Ct.), cert. denied, 207 A.3d 27 (Conn.).
- Represented a consortium of annuity marketing organizations in Administrative Procedure Act litigation against the U.S. Department of Labor (DOL) regarding new and amended ERISA- and Internal Revenue Code-prohibited transaction exemptions promulgated in 2016 as part of the new DOL fiduciary rule regulatory regime subsequently vacated through separate litigation. Market Synergy Group Inc. v. U.S. Department of Labor, No. 5:16-cv-04083 (D. Kan.).
- Counseled numerous insurance and financial services industry clients regarding compliance with, and risk management issues relating to, DOL fiduciary rule and associated prohibited transaction exemptions.
- Lead trial counsel in a lengthy Financial Industry Regulatory Authority (FINRA) arbitration alleging fraud, unsuitability, and due diligence failures resulting in underlying hedge fund losses within a private placement variable annuity offering; obtained judgment on all claims in favor of the broker-dealer client after the close of the claimant’s case-in-chief.
- Obtained a complete dismissal for a private placement variable life insurance issuer in a multiple-defendant New York state court action alleging losses in underlying Madoff feeder fund investments. The appeal was withdrawn.
- Represented a variable annuity issuer in a California federal court action alleging violations of Securities Exchange Act Section 10(b)/Rule 10b-5 and state statutory and common law claims. The claims against the issuer were voluntarily dismissed following a successful motion to transfer venue.
- Advised and represented a major asset manager and fund complex regarding claims relating to losses in a securities lending collateral investment pool due to asset-backed securities and credit market exposure, resulting in substantial client recovery.
- Represented a retirement plan service provider and recordkeeper in separate ERISA 401(k)/403(b) plans and non-ERISA 457(b) state and local government plans nationwide class actions involving allegedly improper receipt of revenue sharing fees from mutual fund investment advisers and/or distributors whose funds were offered on the provider’s investment platform with the latter action dismissed on SLUSA preemption grounds; the former action settled while motions for class certification and summary judgment were pending.
- Advised and represented an independent retirement plan consultant and investment adviser in multiple ERISA 401(k) excessive fee and imprudent investment class actions.