14 pages. "In an amicus brief opposing dismissal, the DOL avoided discussion of the current five-part definition of an ERISA fiduciary providing investment advice under section 3(21)(A)(ii) of ERISA. The Department seeks to discard this longstanding test of fiduciary status in lieu of a greatly expanded definition through a rulemaking. The Third Circuit's facts-intensive analysis and an industry brief supporting dismissal also review the proposed and current investment advice definitions. The result is a glimpse into the brave new world facing benefits brokers should the current policy debate over the DOL's fiduciary advice rule move from the abstract to a new litmus test for service providers." [Santomenno v. John Hancock Life Ins. Co., No. 13-3467 (3d Cir. Sept. 26, 2014)]  MORE >>