Russell Hirschhorn
Partner
Russell L. Hirschhorn represents plan fiduciaries, trustees, sponsors and service providers on the full range of ERISA and state law benefit and fiduciary issues. From single plaintiff to litigation and arbitration to complex class action litigation, he provides practical guidance, develops unique litigation defense strategies and, when appropriate, mediates successful resolutions.
Russell represents clients across a wide array of publicly-held, multi-national companies and privately owned companies across a multitude of industries including, banking, finance and investments, pharmaceuticals, retail products and construction, to name just a few. In addition, he also counsels benefit plan clients on a host of compliance and federal and state government agency enforcement matters, including complex and lengthy investigations and audits by the U.S. Departments of Justice and Labor.
Russell is management co-chair of the American Bar Association Employee Benefits Committee. He also writes on cutting-edge ERISA litigation issues, serving as the co-editor of the Firm’s Employee Benefits & Executive Compensation Blog and as a contributing author and a past chapter editor to Employee Benefits Law (BNA Third Edition).
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On the heels of the Department of Labor’s temporary enforcement policy concerning the DOL conflict of interest rule and related exemptions (see our blog post here), the IRS announced that it is providing relief from excise taxes under Code § 4975 that conforms to the DOL’s temporary enforcement policy described in FAB 2017-01. The IRS’s action … Continue Reading
On March 20, 2017, a federal court in the Northern District of Texas denied the U.S. Chamber of Commerce’s emergency motion for an injunction pending appeal challenging implementation of the Department’s conflict of interest rule and related exemptions. The court applied the standard for evaluating a preliminary injunction motion and concluded that: (i) the Department already … Continue Reading
On March 1, 2017, the U.S. Department of Labor proposed a 60-day delay of the conflict of interest rule and related exemptions (currently set to be applicable on April 10, 2017). The Department opened two comment periods related to the rule: A 15-day comment period (ending March 17, 2017) on whether enforcement of the rule … Continue Reading
On February 17, 2017, a federal district Court in Kansas upheld the U.S. Department of Labor’s conflict of interest rule and related exemptions in a suit brought by Market Synergy Group, Inc. This ruling on the merits follows the court’s prior ruling in November 2016 denying Market Synergy Group’s request for a temporary injunction. The … Continue Reading
There were two key developments last week concerning the ongoing challenges to the U.S. Department of Labor (USDOL) conflict of interest rule and related exemptions: a Presidential Memorandum calling for a review of the rule, and a ruling by a federal court in Texas rejecting the U.S. Chamber of Commerce’s challenges to the rule. Presidential … Continue Reading
On December 15, 2016, the U.S. Court of Appeals for the District of Columbia Circuit denied the emergency request from the National Association for Fixed Annuities (“NAFA”) for an injunction blocking the implementation of the Department of Labor’s conflict of interest rule and related exemptions. Nat’l Ass’n for Fixed Annuities v. U.S. Dep’t of Labor, … Continue Reading
On November 28, 2016, Judge Crabtree in the U.S. District Court for the District of Kansas ruled in favor of the U.S. Department of Labor and denied the motion for a preliminary injunction filed by the Market Synergy Group, Inc., challenging implementation of the Department’s conflict of interest rule and related exemptions. Mkt. Synergy Grp., … Continue Reading
On November 23, 2016, Judge Moss in the U.S. District Court for the District of Columbia again ruled in favor of the Department and denied the renewed motion for a preliminary injunction brought by the National Association for Fixed Annuities (“NAFA”) challenging implementation of the Department’s conflict of interest rule and related exemptions. Nat’l Ass’n … Continue Reading
On November 4, 2016, Judge Moss in the U.S. District Court for the District of Columbia granted the U.S. Department of Labor’s motion for summary judgment and dismissed claims brought by the National Association for Fixed Annuities (“NAFA”) challenging the Department’s conflict of interest rule and related exemptions. Nat’l Ass’n for Fixed Annuities v. Perez, … Continue Reading
In this update on the litigation challenging the U.S. Department of Labor’s new fiduciary rule, we note that there has been a sixth lawsuit filed and oral arguments in two other cases. (Our previous reports are available here, and our Client Alert on the new rule is available here.) Thrivent Financial for Lutherans, a Christian … Continue Reading
As we previously reported, there are five pending lawsuits challenging the U.S. Department of Labor’s new fiduciary rule. Our Client Alert on the new rule outlines the significance of the rule and the implications of the expanded definition of “fiduciary” for investment advisors and other related service providers. First, with respect to the litigation pending … Continue Reading
As we previously reported here, there have been five lawsuits challenging the U.S. Department of Labor’s new fiduciary rule. (Our Client Alert on the new rule is available here.) On July 8, 2016, the U.S. Department of Labor (DOL) filed its first formal response to these lawsuits in The National Association for Fixed Annuities v. … Continue Reading
On April 6, 2016, the U.S. Department of Labor released its Final Rule addressing when a person providing services to an employee benefit plan or individual retirement account (IRA) is considered to be providing investment advice that is subject to ERISA’s fiduciary standard. As discussed in our Client Alert, available here, the rule expanded the … Continue Reading
Today, the U.S. Department of Labor will release its highly-anticipated Final Rule and Exemptions addressing when a person providing investment advice with respect to an employee benefit plan or individual retirement account is considered to be a “fiduciary” under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. According to a … Continue Reading
Today, the U.S. Supreme Court ruled that an ERISA plan participant may allege that a plan fiduciary breached the duty of prudence by not properly monitoring the plan’s investment options as long as the alleged breach of the continuing duty occurred within six years of the suit.… Continue Reading
On April 14, 2015, the U.S. Department of Labor (DOL) issued its highly anticipated re-proposed regulation addressing when a person providing investment advice with respect to an employee benefit plan or individual retirement account (IRA) is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue … Continue Reading
Yesterday, the U.S. Department of Labor issued its highly anticipated re-proposed regulation addressing when a person providing investment advice with respect to an employee benefit plan is considered a fiduciary under ERISA. The DOL stated that it believes its proposal is necessary because the current regulatory scheme no longer adequately protects plans, participants, beneficiaries, and … Continue Reading
“As for those who might contemplate future service as plan fiduciaries, all I can say is: Good luck.” That was the sentiment expressed in a blistering dissent by Fourth Circuit Judge J. Harvie Wilkinson in the latest ruling in a lawsuit challenging the decision by the fiduicaries of the RJR 401(k) plan to liquidate two … Continue Reading
For over two decades, federal courts have embraced the so-called Moench presumption of prudence in ERISA stock-drop cases. Pursuant to that presumption, courts have routinely dismissed such claims absent allegations in a complaint that a company’s situation was dire, or that the company was on the brink of collapse. On June 25,2014, the U.S. Supreme … Continue Reading
Earlier today, in Fifth Third Bancorp v. Dudenhoeffer, the U.S. Supreme Court declined to adopt the so-called Moench presumption of prudence pursuant to which many circuit courts had dismissed ERISA stock drop claims unless plan participants had pled allegations that the company’s economic situation was dire or the company was on the brink of collapse. … Continue Reading
A district court in Pennsylvania concluded that a decedent’s life insurance plan beneficiaries were entitled to equitable surcharge where the plan administrator failed to, among other things, inform the decedent about the need to convert her group policy to an individual policy. Weaver Brothers Insurance Associates, Inc. v. Braunstein, 2014 WL 2599929 (E.D. Pa. June … Continue Reading
A divided panel of the Ninth Circuit recently held that plaintiff Gregory Gabriel could not recover, as “appropriate equitable relief,” pension benefits he thought he was owed from the Alaska Electrical Pension Fund, after the Fund stopped paying him pension benefits that it had mistakenly advised him that he was entitled to. In so doing, … Continue Reading
It is generally understood that communications between clients and lawyers are privileged and that the substance of those conversations may not be divulged to third parties except in the rarest of circumstances. In the employee benefits world, however, plan sponsors and fiduciaries are often surprised to learn that this cardinal rule does not always … Continue Reading
Having settled into the new year, we reflect on decisions from the U.S. Supreme Court in 2013 that are likely to have a significant impact in the world of pension and welfare employee benefits and, in some cases, already have had such an impact. The issues addressed by the Supreme Court are wide ranging and … Continue Reading
IRS Issues Temporary Enforcement Policy In Line with DOL FAB 2017-01
By Russell Hirschhorn and Benjamin Saper on Posted in Fiduciary
No Emergency Injunction Appeal in Chamber’s Challenge to DOL Rule
By Russell Hirschhorn and Benjamin Saper on Posted in Fiduciary
U.S. DOL Proposes Delay of Conflict of Interest Rule and Related Exemptions
By Russell Hirschhorn, Seth Safra and Benjamin Saper on Posted in Department of Labor, Fiduciary
USDOL Prevails in Kansas in Another Decision on Fiduciary Rule
By Russell Hirschhorn and Benjamin Saper on Posted in Fiduciary
Update on the USDOL Conflict of Interest Rule and Related Exemptions
By Russell Hirschhorn and Benjamin Saper on Posted in Fiduciary
D.C. Court of Appeals Denies Emergency Request to Halt Conflict of Interest Rule and Related Exemptions
By Russell Hirschhorn and Benjamin Saper on Posted in Fiduciary
DOL Prevails in Kansas Litigation Challenging Conflict of Interest Rule and Related Exemptions
By Russell Hirschhorn and Benjamin Saper on Posted in Fiduciary
DOL Prevails Again and NAFA Moves on to the Circuit Court Challenging the Conflict of Interest Rule and Related Exemptions
By Russell Hirschhorn and Benjamin Saper on Posted in Fiduciary
DOL Prevails In First Challenge to the Conflict of Interest Rule and Related Exemptions
By Russell Hirschhorn and Benjamin Saper on Posted in Fiduciary
Update on Lawsuits Challenging the U.S. Department of Labor’s Fiduciary Rule
By Russell Hirschhorn and Benjamin Saper on Posted in Fiduciary
Update on Lawsuits Challenging the U.S. Department of Labor’s Fiduciary Rule
By Russell Hirschhorn and Benjamin Saper on Posted in Fiduciary
Update on Lawsuits Challenging the U.S. Department of Labor’s Fiduciary Rule
By Russell Hirschhorn and Benjamin Saper on Posted in Fiduciary
Lawsuits Filed Challenging The USDOL’s Final Fiduciary Rules
By Russell Hirschhorn and Benjamin Saper on Posted in Fiduciary
U.S. DOL To Issue Final Rule and Exemptions on Fiduciary Standards
By Russell Hirschhorn, Robert Projansky, Ira G. Bogner and David Picon on Posted in Department of Labor, Fiduciary
U.S. Supreme Court Sends ERISA Investment Fee Case Back For Further Review
By Russell Hirschhorn and Anthony Cacace on Posted in Defined Contribution Plan Litigation
The U.S. Department of Labor’s New Proposed Rules Defining Fiduciary Investment Advice
By Russell Hirschhorn, Adam Scoll, Pamela Onufer and Ahuva Warburg on Posted in Fiduciary
U.S. Department of Labor Issues Proposed Fiduciary Rules
By Russell Hirschhorn and Ahuva Warburg on Posted in Fiduciary
Divided Fourth Circuit Panel Rules On Burden of Proving Loss Causation in ERISA Fiduciary Breach Case
By Myron Rumeld and Russell Hirschhorn on Posted in Articles, Employer Stock Fund Litigation, Loss Causation
Fifth Third Bancorp v. Dudenhoeffer – An Analysis of the U.S. Supreme Court’s Decision
By Myron Rumeld and Russell Hirschhorn on Posted in Articles, Employer Stock Fund Litigation
SCOTUS Says No Presumption of Prudence In ERISA Stock Drop Cases
By Russell Hirschhorn on Posted in Employer Stock Fund Litigation
Yet Another Decision On The Availability of Equitable Surcharge
By Russell Hirschhorn on Posted in Remedies
Plaintiff’s Claim for Estoppel, Reformation and Surcharge Strikes Out
By Russell Hirschhorn on Posted in Remedies
