Author Archives: Frank Taylor

About Frank Taylor

Frank Taylor is head of the Briggs and Morgan’s Financial Markets group and has more than 35 years of experience in complex financial markets litigation, class actions, regulatory investigations, enforcement proceedings and market conduct examinations. Frank has defended clients in some of the financial services industry’s most significant cases. To date, he has served as lead trial counsel in more than 100 class actions and has tried more than 350 matters to verdict, judgment or award in 42 states before federal, state and arbitration forums. Frank focuses his practice in counseling and representation of firms in various financial markets; complex litigation and arbitration in the financial markets; alternative dispute resolution; class action defense; regulatory investigations, enforcement proceedings and market conduct examinations; antitrust; and complex business disputes.

Should the DOL Fiduciary Duty Rule be Rescinded While the SEC Ponders its Own Standard?

On June 1, 2017, the Securities and Exchange Commission requested input regarding the DOL Fiduciary Duty Rule and the SEC’s development of its own fiduciary standard governing investment advice to retail investors. To view Chair Clayton’s public statement requesting Public Comments … Continue reading

Posted in Department of Labor (DOL), Fiduciary Duty Rule, SEC, Uncategorized

Eighth Circuit Holds McCarran-Ferguson Act Bars RICO Claim Against Insurance Companies Based on Captive Reinsurance Transactions

On Thursday, April 13, 2017, the Eighth Circuit held that the McCarran-Ferguson Act barred a plaintiff from pursuing her RICO claims against an insurance company and its affiliates. The plaintiff had alleged the insurance company and its affiliates had conspired … Continue reading

Posted in Uncategorized

DOL’s Temporary Enforcement Policy Brings Cold Comfort

The Department of Labor’s (DOL) Temporary Enforcement Policy on the Fiduciary Duty Rule published on March 10, 2017 (Temporary Policy) has, from our point of view, little impact and serves merely to confuse. The Temporary Policy seems to imply that the … Continue reading

Posted in Department of Labor (DOL), Fiduciary Duty Rule, Uncategorized | Tagged , , | 1 Comment

Federal District Court Upholds DOL Fiduciary Duty Rule

On Wednesday, February 8, the United States District Court, Northern District of Texas upheld the Department of Labor’s Fiduciary Duty Rule. The Order may be found here. The implications of the Order are unclear, given last Friday’s Presidential Memorandum directing the … Continue reading

Posted in Administration, Department of Labor (DOL), Fiduciary Duty Rule, Retirement Planning, Uncategorized | Tagged , , ,

Update: Presidential Memorandum on the Fiduciary Duty Rule

The White House published the Presidential Memorandum on Fiduciary Duty Rule late Friday afternoon, February 3.  Contrary to reports circulated prior to the Memorandum’s official publication, the President did not extend the Department of Labor’s Fiduciary Duty Rule’s April 2017 … Continue reading

Posted in Administration, Department of Labor (DOL), Fiduciary Duty Rule, Proposed Administrative/SRO Rules, Retirement Planning, Uncategorized | Tagged , , , , , , | 2 Comments