Tag

Fiduciary Duty

All articles tagged with #fiduciary duty

sports6 hours ago•11 min saved

Jeanie Buss moves to block Lakers stake sale amid family trust feud

Jeanie Buss filed in LA Superior Court to block her siblings from selling the Lakers’ remaining stake (about 17.8%) and to remove the co-trustees for breach of fiduciary duty, arguing they acted without her knowledge and in violation of a 2017 order that named her Controlling Owner. The petition seeks contempt and damages, notes the sale would undermine her control and the Lakers’ value, and sets a Nov. 5 hearing as the family feud over ownership continues amid broader sale talks with Iger/Kushner.

via The New York Times|

#buss-family #fiduciary-duty #jeanie-buss

politics2 months ago•6 min saved

Senators Urge DOL to Block Crypto in 401(k) Plans

Senators Bernie Sanders and Elizabeth Warren urge the Labor Department to drop a proposed rule that would allow fiduciaries to offer crypto and other riskier assets in 401(k) plans, arguing it weakens fiduciary standards, threatens retirees’ savings, and could benefit Trump-linked crypto ventures; the DOL has not immediately commented.

via Decrypt|

#401k #cryptocurrency #erisa

technology4 months ago•6 min saved

Prompt Crafting Is Key to Safer AI Personal-Finance Advice

AI can summarize financial topics and offer general planning tips, but it's not a substitute for precise math or tax planning and can hallucinate; the quality of advice hinges on prompts—be specific, frame the advisor as fiduciary, and require explicit goals, constraints, tax info, risk, and timeline; use an iterative process with follow-ups to expose uncertainties and sources; a reverse-engineering prompt can help you reuse effective prompts, and always verify outputs with a human professional.

via CNBC|

#artificial-intelligence #fiduciary-duty #financial-planning

business5 months ago•17 min saved

CAA Resolves Blacklist Suit Ahead of Trial

CAA settled with writer John Musero over claims the agency used internal “underperformer” lists to derail his career, agreeing to roughly $500,000 after he sought $25 million. The case, which began in 2019 and would have tested fiduciary duties and internal listing practices, was resolved ahead of opening statements with terms to be finalized within 45 days, and CAA called the suit meritless while potential witnesses like Aaron Sorkin were anticipated.

via The Hollywood Reporter|

#blacklists #business #caa

business7 months ago•16 min saved

Delaware Judge Denies Paramount Bid to Fast-Track Netflix Deal Disclosures

A Delaware judge refused Paramount’s bid to fast-track a breach-of-fiduciary-duty suit seeking disclosures about how Warner Bros. Discovery evaluated Netflix’s $82.7 billion offer, allowing the case to proceed amid Paramount’s proxy-fight push.

via The Hollywood Reporter|

#business #delaware-chancery-court #fiduciary-duty

business1 year ago•1 min saved

US Labor Department Reverses Stance on Crypto in 401(k) Plans

The Labor Department has reversed its previous guidance that discouraged including cryptocurrencies in 401(k) plans, returning to a neutral stance and emphasizing that investment decisions should be made by fiduciaries, not regulators.

via Politico|

#401k #business #cryptocurrency

business1 year ago•2 min saved

Major Health Insurers Face Lawsuits Over 401(k) Mismanagement

UnitedHealth Group faces multiple lawsuits, including a class-action claim alleging it improperly used $19 million in forfeited employee 401(k) funds to reduce its own costs instead of benefiting plan participants, violating fiduciary duties under ERISA. The company denies the allegations and is seeking to dismiss the case. It also faces other legal challenges related to healthcare practices and corporate conduct.

via Fortune|

#401k-lawsuit #business #class-action

business1 year ago•2 min saved

Major Health Insurers Face Lawsuits Over 401(k) Mismanagement and Misuse

UnitedHealth Group is facing a class-action lawsuit alleging it improperly used employees' forfeited 401(k) funds to reduce its own costs, violating fiduciary duties under ERISA. The company denies the claims amid multiple legal challenges related to its business practices.

via Yahoo Finance|

#401k-lawsuit #business #erisa

business2 years ago•5 min saved

Lachlan Murdoch's Challenging Transition at Fox

Lachlan Murdoch has officially taken over as chairman of News Corporation and Fox Corporation from his father Rupert Murdoch. While Lachlan has stated that there will be "no change" in strategy at Fox News, he will inherit a series of legal claims related to the TV news division, including a $787 million settlement with Dominion Voting Systems. Other claims include a $2.7 billion defamation complaint by Smartmatic, allegations of breaching fiduciary duty by Oregon and New York City pension funds, and lawsuits involving individuals such as Ray Epps, Jason Donner, and Nina Jankowicz. Lachlan's challenge will be to navigate these legal issues while maintaining the success of Fox News programming.

via The Guardian|

#business #dominion-voting-systems #fiduciary-duty

politics2 years ago•11 min saved

Biden Administration Targets Retirement Junk Fees in New Proposal

President Biden delivered remarks on protecting Americans' retirement security, highlighting the need to crack down on unfair and deceptive junk fees that burden families' budgets. He emphasized the importance of promoting competition and lowering costs for families, and announced additional actions to eliminate junk fees in retirement savings. The Department of Labor is proposing a new rule that would require financial advisors to act in the best interest of their clients, closing loopholes and penalizing those who breach their fiduciary duty. The goal is to protect workers, save for retirement, and ensure fairness in the economy.

via The White House|

#fiduciary-duty #financial-advisors #junk-fees

politics3 years ago•1 min saved

Trump Fights Back Against Cohen's Bid to Dismiss Fiduciary Duty Lawsuit

Former President Trump opposes Michael Cohen's attempt to dismiss a lawsuit alleging breach of fiduciary duty. Trump accused Cohen of "egregious breaches of fiduciary duty and contract" in connection with the publication of books and the production of a podcast that "are intended to be embarrassing or detrimental" to Trump. Cohen cast it as an attempt to silence "an important government witness" in the Manhattan district attorney's criminal prosecution of Trump.

via ABC News|

#fiduciary-duty #lawsuit #michael-cohen

finance3 years ago•3 min saved

The Controversy Surrounding ESG Investing in Politics and Business.

Utah Attorney General Sean Reyes, one of 25 Republican attorneys general suing the US Department of Labor over a rule that would allow federal retirement plans to consider climate change and other environmental, social and governance (ESG) factors, has told a congressional committee that ESG investing is "distorting our financial system and harming consumers and working-class Americans". Reyes said ESG was an "undemocratic tax on our economy and productivity". Democrats on the committee pushed back, saying ESG investing can be a better long-term investment by factoring in risks associated with industries that contribute to climate change.

via KSL.com|

#climate-change #democratic-opposition #esg-investing

business3 years ago•1 min saved

Ademi LLP Investigates CTI BioPharma's Acquisition by Sobi for $1.7B

Ademi LLP is investigating whether CTI BioPharma Corp. has obtained a fair price in its transaction with Sobi. CTI BioPharma stockholders are expected to receive only $9.10 per share of common stock in an all-cash transaction, representing an implied equity value of approximately $1.7 billion. The transaction agreement unreasonably limits competing bids for CTI BioPharma by imposing a significant penalty if CTI BioPharma accepts a superior bid. CTI BioPharma insiders will receive substantial benefits as part of change of control arrangements.

via Benzinga|

#business #cti-biopharma #fiduciary-duty

politics3 years ago•2 min saved

Trump's $500m Lawsuit Against Michael Cohen for Breach of Attorney-Client Relationship

Former President Donald Trump has filed a lawsuit against his former attorney, Michael Cohen, for more than $500 million, claiming Cohen breached his "fiduciary duty" and attorney-client privileges in order to be "unjustly enriched." The suit comes after the former president pleaded not guilty to 34 felony charges last week. Cohen is a key witness in that case. Cohen says he ceased to be Trump's lawyer in 2017, and pleaded guilty in 2018 to campaign finance violations and other charges, stating as part of his guilty plea that he and Trump arranged the payment to Daniels to influence the outcome of the 2016 presidential election.

via CBS News|

#campaign-finance-violations #donald-trump #fiduciary-duty

politics3 years ago•2 min saved

Trump sues ex-lawyer Michael Cohen for $500 million in criminal case.

Former President Donald Trump has filed a lawsuit against his former lawyer Michael Cohen, seeking over $500 million in damages for alleged breaches of fiduciary duty, unjust enrichment, conversion, and breaches of contract. The complaint accuses Cohen of violating his attorney-client relationship with Trump by publicly disclosing information about the former president and spreading falsehoods about him. Trump's lawyer claims that Cohen did those things with malicious intent and to wholly self-serving ends. Trump wants compensatory, incidental, and punitive damages in an amount that would be determined at a trial and would substantially exceed $500 million.

via NBC News|

#donald-trump #fiduciary-duty #lawsuit