Search the News Archive

Potentially Ground-Breaking Class Settlement: Data Breach Relief

"This settlement is significant because, for the first time, plaintiffs in a data breach case who did not suffer actual damages are permitted to claim a share of the settlement funds.... [T]he significance of this agreement lies with the allocation of a fixed amount ($10 per year) targeted to funds that allegedly should have been devoted to data security investment by the defendant ... [E]ven though this particular case was directed against a healthcare industry actor, it would appear to be translatable to any other business sector handling third-party sensitive data, but especially those handling personal data (whether health or financial)."

SEC Staff Examination Priorities: Are There Changes Ahead for Unregistered Retirement Plan Recordkeepers?

"The [SEC] staff recently has been focusing increasing attention on the various arrangements that mutual funds, and/ or their direct service provider (collectively, 'Fund Complexes') enter into in with third-parties to provide certain services to the Fund Complex related to shareholder servicing. While the SEC staff's interest is not focused solely on retirement plan recordkeepers ('Recordkeepers'), the SEC staff has indicated that they are concerned with, among other things, the nature of the services provided in these arrangements, and the nature and amount of the compensation paid for these services. In each of these points of emphasis, the SEC staff has, either explicitly or implicitly, called into question whether Recordkeepers that are not registered with the SEC in some capacity should be registered as either broker-dealers or transfer agents."