DOL Fiduciary Rule Requires Caution By Attorneys
It's unclear if the bulk of advisors will be willing to take the legal risk of doing what’s right for their client.
Morning Docket: 10.04.16
* "[G]reed is not a component of the law of fiduciary duty anywhere." Donald Trump's campaign may have claimed he has "a fiduciary responsibility to his business, his family and his employees to pay no more tax than legally required," but legal experts found that assertion pretty laughable, seeing as there's no such thing as a fiduciary duty to oneself. [DealBook / New York Times] * An attorney who serves as an advisor to the ABA's Standing Committee on Gun Violence says he accidentally shot and killed his wife when his gun went off after hitting a speed bump. He claims he had the gun out because they were in an area where Black Lives Matter protests had been held and was afraid they were about to be carjacked. [People] * For the first time since the days of Abraham Lincoln, the Supreme Court opened its new term with a vacancy on the bench certain to be filled in the upcoming presidential election. Without the late Justice Antonin Scalia's voice, the Court is left split along ideological lines, with four conservative justices and four liberal justices. [Reuters] * According to Chief Justice John Roberts, "judges are not politicians, even when they come to the bench by way of the ballot," but that doesn't mean elected judges behave as judicially as they're expected to when retention elections are near. In fact, "[a]ll judges, even the most punitive, increase their sentences as re-election nears." [New York Times] * The EEOC has filed a suit against Denver Law, alleging that female full-time professors are paid less than their male counterparts. Nine female professors work at the school full-time, and on average, they're paid about $20K less than full-time male professors. Denver Law says it stands by its "system of evaluation and merit pay." [Denver Post]
The Hidden Threat: How Fake Identities used by Remote Employees Put Your Business at Risk—and How to Defend Against This
Reach out to continue the conversation on how to most effectively detect, prevent, and correct this or other types of fraud, cybercrime, misconduct, and non-compliance.
Finance And Law: Standards Of Prudent Investment Advice Have Important Nuances
As the Fed starts to raise rates, there may be an uptick in complaints filed against financial advisory firms.
Non-Sequiturs: 03.29.13
* To those of you who celebrate it, Happy Easter! Welcome the holiday by voting in the ABA Journal’s fifth annual “Peeps in Law” contest. [ABA Journal] * If law firm brackets aren’t your thing, check out Professor Kyle Graham’s brackets for (1) law school classes and (2) law blogs. I’m thankful for ATL’s #1 seed but terrified by who we’re up against (because they’ve ripped me a new one before). [noncuratlex] * Sorry, Judge Steiner, you wuz robbed; you should have been our Judge of the Day. It’s tough to top “allegations of a sexual quid pro quo with a female lawyer and the eye-opening confiscation of carpet from [chambers] for forensic analysis.” [OC Weekly] William Shatner * “William Shatner’s Seductive Powers Don’t Create a Fiduciary Duty.” Robyn Hagan Cain explains why. [U.S. Second Circuit / FindLaw] * Citi settles securities cases for $730 million. Matt Levine is not impressed. [Dealbreaker] * And Ted Frank is incensed by Bernstein Litowitz’s nine-figure fee request. [Point of Law] * If you’re already depressed by public ignorance about the Supreme Court, don’t look at the responses to question 9 of this opinion poll. [Penn Schoen Berland] * Steven Harper — author of a new (and very good) book about the legal profession, The Lawyer Bubble (affiliate link) — offers thoughts on the billable hour in the wake of the DLA Piper overbilling allegations. [New York Times]