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United States District Court for the Middle District of Florida, Tampa Division
February 13, 2023, Decided; February 13, 2023, Filed
Case No. 8:22-cv-330-VMC-CPT
This matter comes before the Court upon consideration of Plaintiff American Securities Association's Motion for Summary Judgment (Doc. # 39), filed on May 20, 2022, and Defendants United States Department of Labor and Marty Walsh's Amended Motion to Dismiss for Lack of Jurisdiction or, in the Alternative, for Summary Judgment (Doc. # 49), filed on June 30, 2022. All Motions have been fully briefed (Doc. ## 49, 50, 53) and are ripe for review. For the reasons that follow, Defendants' Motion to Dismiss is denied, and both summary judgment Motions are granted in part and denied in part.
This case arises out of a challenge [*2] to guidance promulgated by the Department of Labor interpreting its Prohibited Transaction Exemption 2020-02, 85 Fed. Reg. 82798 (December 18, 2020) (the "2020 Exemption"). The 2020 Exemption governs the circumstances in which financial institutions and investment professionals who provide "fiduciary investment advice" to retirement investors can "receive otherwise prohibited compensation." (JA Doc. # 54-1 at 66).
Congress enacted the Employee Retirement Income Security Act of 1974 ("ERISA") following a determination that Americans' retirement savings were not adequately protected. Pub. L. No. 93-406, 88 Stat. 829, 898 (1974) (codified at 29 U.S.C. §§ 1001, et seq.). ERISA's statutory framework includes enhanced "disclosure and reporting" requirements, "standards of conduct, responsibility, and obligation for fiduciaries of employee benefit plans," and "appropriate remedies, sanctions, and ready access to Federal courts." 29 U.S.C. § 1001(b); Ali v. Cal. Field Ironworkers Trust Fund, No. 8:09-cv-1031-VMC-EAJ, 2010 U.S. Dist. LEXIS 11613, 2010 WL 358539, at *2 (M.D. Fla. Jan. 23, 2010) (citing Aetna Health, Inc. v. Davila, 542 U.S. 200, 208, 124 S. Ct. 2488, 159 L. Ed. 2d 312 (2008)).
Title I of ERISA imposes stringent obligations on fiduciaries of employee benefit plans. See 29 U.S.C. § 1104 (detailing fiduciary duties under ERISA). An individual is a fiduciary with respect to a plan under ERISA to the extent:
Full case includes Shepard's, Headnotes, Legal Analytics from Lex Machina, and more.
2023 U.S. Dist. LEXIS 24076 *; 2023 WL 1967573
AMERICAN SECURITIES ASSOCIATION, Plaintiff, v. UNITED STATES DEPARTMENT OF LABOR, et al., Defendants.
Prior History: Am. Sec. Ass'n v. United States DOL & Marty Walsh, 2022 U.S. Dist. LEXIS 93520, 2022 WL 1619632 (M.D. Fla., Apr. 25, 2022)
Regulation, fiduciary, advice, referenced, Exemption, rollover, regular basis, recommendation, documentation, roll, investment advice, investor, summary judgment, injury-in-fact, parties, employee benefit plan, redressability, concrete, policies, financial institution, arbitrary and capricious, interpretive rule, ambiguous, deference, prong, fiduciary duty, retirement, advisor, costs, agency's action