Joshua A. Lichtenstein

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Josh Lichtenstein is an ERISA and benefits partner in New York who heads the firm’s ERISA fiduciary practice. Josh focuses on finding creative and practical solutions to issues involving the investment of plan assets in a constantly evolving asset management landscape. He advises banks, asset managers, private wealth platforms, large pension plans and other institutions on the ERISA issues that have emerged or found prominence in recent years, including:

the DOL’s evolving fiduciary standards and definitions
the changing landscape of DOL guidance on plan investments and environmental, social and corporate governance (ESG) considerations
fiduciary governance best practices and litigation risks (including plan investment menu design)
developing new products to provide 401(k) and retail investors with exposure to private equity and alternative investments
representing and advising clients in connection with DOL examinations
conflicts of interest for credit funds and funds engaging in secondary transactions
ERISA restrictions on holding certain securities

Josh is also frequently approached by the press as an authority on these matters.

Experience

Josh partners with hedge, private equity, real estate and infrastructure funds, banks and their private wealth units to help them achieve their business objectives while operating as ERISA fiduciaries subject to the prohibited transaction rules and related exemptions, or to structure investments to comply with the Venture Capital Operating Company (VCOC) or Real Estate Operating Company (REOC) exemptions or the so-called ERISA “25% test.” Josh regularly helps clients to develop new product offerings and to implement practical compliance programs for managing plan assets. He also works with asset managers on all benefits aspects of mergers and acquisitions, executive compensation matters and qualified and nonqualified benefits plans.

Credentials

Publications

Co-author, “State ESG Update and Analysis for Asset Managers and Financial Institutions” (November 2024)
Quoted, "New Trump Admin Could Create Problems – and Opportunities – for ESG Managers," FundFire (November 8, 2024)
Quoted, "The ESG, climate rules at stake under a second Trump term," ESG Dive (November 7, 2024)
Quoted, "US Election to Cast Shockwaves on Fraught ESG Landscape," Energy Intelligence (October 23, 2024)
Quoted, “How a Trump Win Would Upend Major Climate Court Fights,” The New York Times (November 2, 2024)
Quoted, “Election 2024: Harris, Trump Present ‘Diametrically Opposed’ Impacts on ESG,” ESG Dive (November 1, 2024)
Quoted, “US Election to Cast Shockwaves on Fraught ESG Landscape,” Energy Intelligence (October 23, 2024)
Quoted, “Major 401(k) Litigators are Back in Action, With More Entering the Fray,” Planadvisor (August 1, 2024)
Quoted, "Anti-ESG Bills, Priorities Stall in Congress’ Fourth Quarter," Bloomberg Law (August 29, 2024)
Quoted, “A second Trump administration expected to usher in big changes for ESG at DOL, SEC,” Pensions & Investments (August 14, 2024)
Quoted, “Major 401(k) Litigators are Back in Action, With More Entering the Fray,” Planadvisor (August 1, 2024)
Co-authored, "NYC Pension Plan Suit is Thrown Out, GOP Anti-ESG Fiduciary Duty Theory Remains to be Tested," Harvard Law School Forum on Corporate Governance (July 23, 2024)
Quoted, "Anti-ESG Slowdown," Politico (July 2, 2024)
Quoted, "BlackRock Teams with Police, Fire Labor Groups to Push Back on 'Politics' in Investing," FundFire (July 2, 2024)
Quoted, "BlackRock throws support behind effort to move pensions beyond ESG" Financial Times (June 29, 2024)
Co-author, “What DOL Fiduciary Rule Means for Private Fund Managers,” Law360 (June 20, 2024)
Quoted, “U.S. State Laws Take Aim at Pension Investment in China,” Nikkei Asia (May 30, 2024)
Co-author, “Ropes & Gray Discusses Labor Department’s Final Fiduciary Rule,” Columbia Law School Blue Sky Blog (May 22, 2024)
Co-author, “7 Effects of DOL Retirement Asset Manager Exemption Rule,” Law360 (May 13, 2024)
Interview, “Ropes & Gray Partners on the Laws Threatening ESG: ESG Currents,” Bloomberg Intelligence (April 17, 2024)
Quoted, “The U.S. Investors Caught in the Scrum Over TikTok,” The New York Times (March 26, 2024)
Featured, “Ropes & Gray Partners on the Laws Threatening ESG: ESG Currents,” Bloomberg Intelligence ESG Currents Podcast (April 17, 2024)
Quoted, “The U.S. Investors Caught in the Scrum Over TikTok,” The New York Times (March 26, 2024)
Quoted, “Corporate Counsel Navigate ESG Red State, Blue State Minefield,” Bloomberg Law (February 27, 2024)
Quoted, “3 Takeaways From Flood of Comments on DOL Fiduciary Rule,” Law360 (January 4, 2024)
Quoted, “Wall Street Thrived, Small Towns Lost as Anti-ESG Campaign Raged in 2023,” S&P Global (January 3, 2024)
Quoted, “Both Sides are Bracing for Escalation in the War Over ESG,” Politico (January 2, 2024)
Quoted, “Wall Street Set to Fight 401(k) Advice Rule in Public Hearing,” Bloomberg Law (December 12, 2023)
Quoted, “Why wealthy investors put $125 billion into this new type of private-equity fund last year,” MarketWatch (November 25, 2023)
Co-author, “ESG and Public Pension Investing in 2023: A Year-to-Date Recap and Analysis,” Harvard Law School Forum on Corporate Governance (November 22, 2023)
Quoted, “A ‘Sea Change’ May Be Coming for Investment Advice About 401(k)-to-IRA Rollovers, One Expert Says,” CNBC (November 8, 2023)
Co-author, “ESG and Public Pension Investing in 2023: A Year-To-Date Recap and Analysis,” Ropes & Gray White Paper (November 3, 2023)
Quoted, “3 Takeaways From DOL’s New Fiduciary Proposal,” Law360 (November 2, 2023)
Quoted, “White House Previews DOL ‘Retirement Security’ Rule Proposal,” Ignites (October 31, 2023)
Quoted, “KKR Taps World’s ‘Largest Pool of Liquid Capital’ for New Bets,” Bloomberg Law (October 27, 2023)
Interview, “Value and Importance of Tracking States’ Pro- and Anti-ESG Rules Affecting Public Pension Amid Rising Tensions,” Private Equity Law Report (October 5, 2023)
Quoted, “Republican ERISA Reform Bills Stand “No Chance”,” ESG Investor (September 27, 2023)
Quoted, “A Surprise ESG Boost for Biden in Texas,” Reuters (September 27, 2023)
Quoted, “Battles Over ESG in 401(k)s Will Outlast Judge’s Surprise Ruling,” Bloomberg Law (September 25, 2023)
Quoted, “GOP’s ‘Anti-Woke’ Campaigns Have Voters Hitting Snooze,” Politico (August 23, 2023)
Quoted, “States’ Anti-ESG Push Leaves Patchwork of Policies, Unclear Mandates,” S&P Global (August 22, 2023)
Quoted, “DeSantis Postures on Bud Light—Wielding Heavy Hand of Government Again,” The Washington Post (July 21, 2023)
Profiled, “Conflicting ESG State Regulations,” Bloomberg TV Equality Show (June 29, 2023)
Quoted, “Half of Anti-ESG Bills in Red States Have Failed in2023 as Campaign Pushes On,” S&P Global (June 28, 2023)
Quoted, “Blue States Counter Anti-ESG Laws with Pension, Climate Measures,” Bloomberg Law (June 28, 2023)
Quoted, “ESG Attacks Prompt Urgent Talks as Insurers Quit Coalition,” Bloomberg News (May 24, 2023)
Quoted, “America’s Culture Wars Threaten its Single Market,” The Economist and Yahoo Finance (May 18, 2023)
Quoted, “Florida’s DeSantis Signs Aggressive Anti-ESG Legislation,” EcoWatch (May 3, 2023)
Quoted, “DeSantis Signs Sweeping Anti-ESG Legislation in Florida,” Reuters (May 2, 2023)
Quoted, “Greenbashing: Investors take hits from left and right on ESG,” Buyouts (April 29, 2023)
Quoted, “Republican States Face Hurdles with Anti-ESG Agenda,” Financial Times MandateWire (April 25, 2023)
Quoted, “The Messy, High-Stakes World of Private Equity’s Fossil-Fuel Dilemma,” Business Insider (April 20, 2023)
Quoted, “Asset Mgr OCIOs Face Conflict Questions from Search Consultants,” FUNDfire (April 17, 2023)
Quoted, “Anti-ESG Measures are Everywhere, But Some are Floundering in GOP States,” Investment News (April 7, 2023)
Quoted, “Anti-ESG Investing Effort Pivots to New Republican-Backed Bill,” Bloomberg Tax (March 28, 2023)
Quoted, “270 Companies, Major Pension Funds Join Pro-ESG ‘Freedom to Invest’ Campaign,” S&P Global Market Intelligence (March 23, 2023)
Quoted, “ESG 401(k) Rule Targeted by GOP in Push to Override Biden Veto,” Bloomberg Law (March 21, 2023)
Co-author, “District Court Vacates Department of Labor’s Plan-to-IRA Rollover Guidance; Other Challenges to Agency’s Rulemaking Under ERISA Loom,” Westlaw Today (March 8, 2023)
Quoted, “The battle over Biden's 'woke' investing rule is far from over,” The Washington Post (March 6, 2023)
Quoted, “How Environmentally Conscious Investing Became a Target of Conservatives,” The New York Times (March 1, 2023)
Quoted, “Julie Su Nominated to Replace Walsh at DOL,” Plan Sponsor (February 28, 2023)
Quoted, “The Conservative Battle Against “Woke” Banks is Backfiring,” The Washington Post (February 28, 2023)
Quoted, “ESG Investing Meets The Reality of The U.S. Political Divide,” Crain’s Chicago Business (February 27, 2023)
Quoted, “EBSA Head is ‘Hopeful’ Fiduciary Rule Will Come This Year,” Ignites (February 23, 2023)
Quoted, “Some States Backtrack on Anti-ESG Efforts, Citing ‘Unintended Consequences,’” S&P Global (February 22, 2023)
Quoted, “Bankers Strike Back on ESG,” POLITICO (February 14, 2023)
Quoted, “Bloomberg Law Podcast: First Trademark Trial Over NFTs,” Bloomberg Law (February 5, 2023)
Quoted, “GOP Attorneys General Sue Labor Department Over ESG Rule,” Roll Call (February 2, 2023)
Quoted, “Labor Agency to Defend ESG 401(k) Rule in Bad-Blood Jurisdiction,” Bloomberg Law (January 27, 2023)
Quoted, “Influential Local US Banks Fight GOP ESG Attacks,” Financial Times (February 15, 2023)
Quoted, “Republicans Prepare to Ramp Up Their Anti-ESG Campaign in 2023,” Bloomberg (December 29, 2022)
Co-author, “Climate Disclosure and ERISA Rules Put Companies on Notice,” Bloomberg Law (December 27, 2022)
Quoted, “Want ESG in Your 401(k) Plan? Labor Regulators Left You Options,” Bloomberg Law (December 7, 2022)
Quoted, “Texas may offer exit path for sanctioned financial firms,” Reuters (December 5, 2022)
Quoted, “BlackRock Faces $2 Billion Hit as DeSantis Escalates ESG Fight,” Bloomberg BusinessWeek (December 2, 2022)
Quoted, “ESG Regulatory Divide Poses Challenges for Asset Managers,” The Wall Street Journal (November 28, 2022)
Quoted, “DOL clears question over plan sponsor PEP member responsibility for fidelity bonds,” Plansponsor (November 11, 2022)
Quoted, “Labor Department Rule Allows Retirement Plans to Consider ESG in Investments,” Dow Jones Newswire (November 22, 2022)
Quoted, “Anti-Woke DeSantis is Mixing Politics, Money in Florida Pensions,” Bloomberg (October 27, 2022)
Co-author, “State Regulation of ESG Investment Decision-making by Public Retirement Plans,” Harvard Law School Forum on Corporate Governance (October 25, 2022)
Quoted, “Public, Private Pensions on Collision Path Over ESG Investing,” Bloomberg Tax (October 12, 2022)
Quoted, “DOL ESG Rule Could be Here by Next Month,” Financial Times Ignites (October 11, 2022)
Quoted, “DeSantis Ban on ‘Woke’ Investment Could Hurt State Pension Fund, Experts Say,” South Florida Sun Sentinel (August 31, 2022)
Quoted, “Misconduct Could Cost Global Banks Dear Over Pension Funds,” Financial Times (August 26, 2022)
Quoted, “DeSantis Claims Win in the Campaign Against ESG,” The New York Times (August 24, 2022)
Quoted, “Berkshire Hathaway Subsidiary Sued Over Custom TDFs,” Ignites (August 19, 2022)
Quoted, “3 Issues to Watch in DOL’s Transaction Waiver Proposal,” Law360 (August 12, 2022)
Quoted, “Retirement Exemption Plan is ‘Wedge’ Between Small, Big Players,” Bloomberg Law (August 4, 2022)
Quoted, “US banks tout fossil fuel credentials after Republican ESG backlash,” Financial Times (August 7, 2022)
Quoted, “Fla. Gov. Proposes Anti-ESG Law For State-Run Funds,” Law360 (July 29, 2022)
Quoted, “Florida’s DeSantis Takes Aim at ‘Woke Capital,’” The Wall Street Journal (July 28, 2022)
Quoted, “401(k) Providers on Edge as Warning on Crypto Faces Litigation,” Bloomberg Tax (June 6, 2022)
Quoted, “Private Equity Firms Are Winning the Fight for Your 401(k),” Bloomberg Law (January 31, 2022)
Quoted, “DOL Warns Retirement Managers About Private Equity's Risks,” Law360 (December 22, 2021)
Quoted, “Shops (Mostly) Back DOL’s ESG Rule Revamp,” Ignites (December 14, 2021)
Featured, “Proposed ESG Rule to Open Up Corporate Pension Investment Options,” FundFire (November 29, 2021)
Quoted, “The Biggest Change in DOL's New ESG Rule: Tone,” Ignites (November 10, 2021)
Quoted, “DOL's Proposed Rule Elevates Status of ESG: ERISA Lawyer,” FundFire (November 3, 2021)
Quoted, “DOL ESG investing rule could be here to stay,” Pensions & Investments (November 1, 2021)
Quoted, “Law Firm News,” Pensions & Investments (October 31, 2021)
Mentioned, “Justices Urged to Save 401(k) Fiduciaries From Flood of Lawsuits,” Bloomberg Law (October 29, 2021)
Quoted, “Could This Be a DOL ESG Framework That’s Here to Stay?” Plan Adviser (October 26, 2021)
Quoted, “DOL Plan Could Make ESG Retirement Investing Hip — Again,” Law360 (October 15, 2021)
Quoted, “Biden Administration Wants ESG in Retirement Funds,” Core Strategies Channel(October 15, 2021)
Quoted, “DoL Proposal “Reflects Reality” of US Demand for ESG Investing,” ESG Investor (October 15, 2021)
Quoted, “DOL Pitches Rule to End 'Chilling Effect' of Trump Regs,” Ignites (October 14, 2021)
Quoted, “Biden paves way for ESG retirement funds in reversal from Trump,” Financial Times (October 13, 2021)
Quoted, “All eyes watching DC ERISA case before high court,” Pensions & Investments (September 6, 2021)
Quoted, “All eyes on DOL plan to revisit fiduciary rule,” Pensions & Investments (June 28, 2021)
Quoted, “DOL seeks to define ‘fiduciary’; SEC works on ESG disclosures,” InvestmentNews (June 14, 2021)
Quoted, “DOL Likely to Take Pro-ESG Tone in Revised Rules,” Ignites (May 24, 2021)
Quoted, “Secure Act 2.0 to Aid Defense of 401(k) Suits,” Ignites (May 10, 2021)
Quoted, “New EU Regulations on Sustainable Investing Could Hit U.S. Funds Soon,” Barron’s (March 12, 2021)
Quoted, “DOL Presses Pause on ESG Rule. Industry Cheers.” Ignites (March 11, 2021)
Quoted, “DOL Move Bodes Well For Socially Conscious 401(k) Investing,” Law360 (March 10, 2021)
Quoted, “DOL halts enforcement of final rule on ESG investments,” BenefitsPRO (March 10, 2021)
Quoted, “Biden Labor Agency Won’t Enforce Trump-Era ESG, Proxy Rules,” Bloomberg (March 10, 2021)
Co-author, “3 Takeaways From Intel Retirement Plan Leaders' ERISA Win,” Ropes & Gray Practice Note (February 18, 2021)
Quoted, “Partners Group: ‘Great deal of interest’ in 401(k) market,” Private Funds CFO (February 16, 2021)
Quoted, “DOL Does a 180 in Final Proxy-Voting Rule,” Ignites (December 14, 2020)
Quoted, “Biden May Give a Boost to Private Equity’s ESG Push,” WSJ Pro Private Equity (December 6, 2020)
Quoted, “US election: What it means for climate change and ESG,” Financial Times (November 19, 2020)
Quoted, “New Rule Complicates Private Equity’s ESG Push,” WSJ Pro Private Equity (November 12, 2020)
Quoted, “Private Equity Sees Regulatory Reforms Hinging on November Elections,” WSJ Pro Private Equity (October 4, 2020)
Quoted, “Ethical Investing’s Shifting Winds Force Law Firms to Be Nimble,” Bloomberg Law (September 25, 2020)
Quoted, “Biden Win Could Undo DOL’s 'Tidal Wave' of Rules,” Ignites (September 21, 2020)
Quoted, “Intel Back in Court Over Erisa Claims,” Ignites (September 16, 2020)
Quoted, “Proposed Rules’ Quick Turnaround Could Open DOL to Challenges,” Bloomberg Law (September 9, 2020)
Quoted, “DOL Wants to Restrict Plan Fiduciaries from Proxy Voting on ESG Issues,” Financial Advisor IQ (September 3, 2020)
Quoted, “DOL’s Proxy Voting Proposal a 'Wake-Up Call' for Some Plans,” Ignites (September 2, 2020)
Quoted, “Cumming’s Take: Accredited-Investor Changes Unlikely to Move the Needle, “ WSJ Pro Private Equity (August 31, 2020)
Quoted, “Evaluating ESG: How the DOL’s Draft Rule May Impact 401(k)s,” Ignites (August 5, 2020)
Quoted, “Blackstone Gears Up for 'Hundreds of Billions' in 401(k) Cash,” Fundfire (July 29, 2020)
Quoted, “Q&A: Ropes & Gray's Joshua Lichtenstein on DOL's new fiduciary rule,” Reuters (July 24, 2020)
Quoted, “Former DOL officials say agency historically grants hearings on regulatory proposals,” InvestmentNews (July 20, 2020)
Quoted, “DOL’s ESG Rule a Step Back on Social Justice: Senate Dems,” Ignites (July 17, 2020)
Quoted, “U.S. Labor Department proposes revised fiduciary rule aligned with SEC's Reg BI, “ Regulatory Intelligence (July 10, 2020)
Quoted, “The DOL Takes On Regulation Best Interest,” Barron’s (July 2, 2020)
Quoted, “2020's Biggest Benefits Regulations: Midyear Report,” Law360 (July 2, 2020)
Quoted, “US Department of Labor proposes best-interest standard for investment advisers,” SNL Financial (July 1, 2020)
Quoted, “DOL Puts Rollover Changes on Fast Track: Lawyers,” Ignites (July 1, 2020)
Quoted, “DOL Proposes Replacement for Overturned Fiduciary Rule,” FundFire (June 30, 2020)
Quoted, “DOL’s New Proposed Fiduciary Rule Aligns With Reg BI, NAIC Suitability,” PLANADVISOR (June 30, 2020)
Quoted, “DOL unveils proposed exemption for fiduciaries,” Pensions & Investments (June 29, 2020)
Quoted, “DOL Reg Could End 'Ping-Pong' Match on ESG in Plans,” Ignites (June 26, 2020)
Quoted, “Trump Administration Targets ESG Funds With 401(k) Rule,” Bloomberg (June 25, 2020)
Quoted, “DOL’s stance on ESG in 401(k)s could be difficult to undo,” InvestmentNews (June 25, 2020)
Quoted, “3 Questions Lawyers Have About DOL's Ethical Investing Rule,” Law360 (June 24, 2020)
Quoted, “Coronavirus Creates New Risk for 401(k) Retirement Disputes,” Bloomberg Law (June 17, 2020)
Quoted, “What Access to the 401(k) Market Means for Private Equity,” WSJ Pro Private Equity (June 10, 2020)
Co-author, “The Department of Labor Provides a Road Map for Offering Private Equity and Other Alternative Investments in 401(k) Plans,” Ropes & Gray Alert (June 8, 2020)
Co-author, “Supreme Court Significantly Raises the Bar for Defined Benefit Plan Participants to File ERISA Fiduciary Breach Lawsuits, but the Risk of Lawsuit Remains,” Ropes & Gray Alert (June 5, 2020)
Quoted, “Supreme Court Decision Shields Corporate DB Plans from Participant Lawsuits,” FundFire (June 5, 2020)
Quoted, “Private Equity Fees Should Be Top of Mind for 401(k) Managers,” Bloomberg Law (June 4, 2020)
Quoted, “Justices Appear to Slam Door on Most Pension Plan Litigation,” Bloomberg Law (June 4, 2020)
Quoted, “Private Equity Options for 401(k)s Bring Litigation Uncertainty,” Bloomberg Law (June 4, 2020)
Quoted, “DOL Greenlights Private Equity Funds in 401(k)s,” Financial Advisor IQ (June 4, 2020)
Quoted, “DOL Opens Door to Greater Private Equity Holdings in 401(k)s,” Ignites (June 4, 2020)
Quoted, “U.S. Labor Department Allows Private Equity in 401(k) Plans,”WSJ Pro Private Equity (June 3, 2020)
Quoted, “Federal Guidance OKs Private Equity Funds In 401(k) Plans,” Law360 (June 3, 2020)
Co-author, “DOL Provides Sweeping Deadline Extensions and Other Relief for Employee Benefit Plans, Participants and Beneficiaries Due to the COVID-19 (Coronavirus) Outbreak,” Ropes & Gray Alert (May 1, 2020)
Quoted, “Is private equity ready for a retail revolution?” Private Equity International (April 30, 2020)
Quoted, “Hunt for diversification may get plans to rethink alts,” Pensions & Investments (April 6, 2020)
Quoted, “Court ruling on Intel’s DC plan sparks trepidation,” Pensions & Investments (March 9, 2020)
Quoted, “Supreme Court Ruling Sets Up Fight Over Private-Equity Push Into 401(k) Market,” WSJ Pro Private Equity (March 3, 2020)
Quoted, “401(k) Ruling Raises Questions About Alternatives in Plans, Disclosures,” Financial Advisor IQ (February 28, 2020)
Co-author, “Supreme Court Rules Six Year Statute of Limitations Applies to More ERISA Lawsuits,” Ropes & Gray Alert (February 27, 2020)
Quoted, “Intel 401(k) Ruling Settles One Issue, Leaves Others Waiting,” Bloomberg Law (February 27, 2020)
Quoted, “Supreme Court Raises Bar on 401(k) Communications,” Ignites (February 27, 2020)
Quoted, “Intel 401(k) ruling could bolster some class actions,” InvestmentNews (February 26, 2020)
Quoted, “Employers Lose Intel High Court Suit But Get Gift From Alito,” Law360 (February 26, 2020)
Quoted, “Supreme Court Rules for Plaintiffs in Intel ERISA Lawsuit,” Compliance Reporter (February 26, 2020)
Quoted, “Supreme Court’s decision on Intel vs Sulyma regarding 401ks explained,” ValueWalk (February 26, 2020)
Quoted, “Supreme Court rules against Intel in dispute over Erisa statute of limitations,” Compliance Reporter (February 26, 2020)
Quoted, “Is Private Equity Ready for Retail in 2020?,” WSJ Pro Private Equity (January 14, 2020)
Quoted, “High Court Kicks IBM Stock-Drop Case Back To 2nd Circ.,” Law360 (January 14, 2020)
Quoted, “Will Open MEPs pave way for alts in 401(k)s?,” BenefitsPRO (December 23, 2019)
Quoted, “SECURE Act moves to reality from long shot,” Pensions & Investments (December 23, 2019)
Quoted, “The Biggest Benefits Policy Developments Of 2019,” Law360 (December 19, 2019)
Quoted, “9 industry reactions to SECURE Act placement in spending bill,” BenefitsPRO (December 17, 2019)
Quoted, “SECURE Act set for passage in appropriations,” Compliance Reporter (December 17, 2019)
Quoted, “DOL Continues Aggressive Enforcement Pace in 2019,” ThinkAdvisor (November 22, 2019)
Co-author, “Retail Investments in Private Funds: Regulatory Obstacles and Opportunities,” Wolters Kluwer (October 18, 2019)
Co-author, “The Circuit Split On ERISA's Actual Knowledge Standard,” Law360 (October 17, 2019)
Co-author, “‘Actual Knowledge’ and ERISA Statute of Limitations Issues in Proprietary Funds Litigation,” Lexis Practice Advisor (October 10, 2019)
Co-author, “Retail Investments in Private Funds: Regulatory Obstacles and Opportunities,” Ropes & Gray Whitepaper (September 24, 2019)
Quoted, “Scalia Is Still in the DOL Fiduciary Rule Game,” ThinkAdvisor (September 24, 2019)
Co-author, “Business Roundtable Broadens Scope of a Corporation’s Purpose to Include Other Stakeholders,” Ropes & Gray Alert (August 26, 2019)
Quoted, “SEC Push to Boost Alts Access May Spark 401(k) Reforms,” FundFire (August 7, 2019)
Quoted, “Will Acting Labor Secretary Pizzella Greenlight a Fiduciary Rule?,” ThinkAdvisor (July 17, 2019)
Quoted, “Acosta's departure raises possibility of further fiduciary rule delay,” Compliance Reporter (July 15, 2019)
Quoted, “Departure of Alexander Acosta could slow DOL effort to revise fiduciary rule,” InvestmentNews (July 12, 2019)
Co-author, “Supreme Court Agrees to Hear Intel Case with Potentially Significant Implications for 401(k) Plan Fiduciaries,” Ropes & Gray Alert (June 27, 2019)
Quoted, “Will Values-Based Investing Ever Take Off?,” Barron’s (June 21, 2019)
Quoted, “Private Funds in 401(k)s? SEC Considers It,” Ignites (June 20, 2019)
Quoted, “SEC Seeks Input on Retail Investment in Private Offerings,” WSJ Pro Private Equity (June 18, 2019)
Quoted, “SEC Wants to Ease Access to Private Placements,” ThinkAdvisor (June 18, 2019)
Quoted, “DOL's New Fiduciary Proposal May be Less Onerous for Wealth, Retail Firms,” FundFire (May 29, 2019)
Quoted, “DC plans still slow on moving alts into lineups,” Pensions & Investments (May 27, 2019)
Quoted, “Maryland State Finance Committee Kills Fiduciary Bill,” FundFire (April 8, 2019)
Quoted, “BNP Paribas Says It Will Lose Access to Some U.S. Pension Assets,” Bloomberg Law (December 20, 2018)
Quoted, “Ex-Advisor Sues Stifel and MetLife Over Alleged ERISA Violation,” FundFire (December 13, 2018)
Quoted, “DOL fiduciary rule can cause litigation risk from beyond the grave,” InvestmentNews (July 27, 2018)
Co-author, “Fifth Circuit Issues Mandate Vacating the DOL’s Fiduciary Rule,” Ropes & Gray Alert (June 25, 2018)
Quoted,“ERISA Attorneys Help Digest DOL’s ‘Confusing’ Fiduciary Rule FAB 2018-02,” PLANADVISER (May 10, 2018)
Quoted, “DOL Clarifies Enforcement Stance After Fiduciary Rule Struck Down,” FundFire (May 9, 2018)
Quoted, “DOL field guidance clears some fiduciary smog,” Fund Action (May 8, 2018)
Quoted, “DOL Rule Technically Dead, Desire to Redefine 'Advice' Not: Lawyer,” Ignites (May 8, 2018)
Co-author, “DOL Publishes Guidance on ESG Investment Considerations by Retirement Plans – Takeaways for Managers, Plan Sponsors and Public Companies,” Ropes & Gray Alert (May 7, 2018)
Quoted, “Labor Dept. maintains scaled-back enforcement while fiduciary rule in limbo,” Compliance Week (May 7, 2018)
Co-author, “Department of Labor Announces New Enforcement Policy Following Fifth Circuit’s Fiduciary Rule Decision,” Ropes & Gray Alert (May 7, 2018)
Quoted, “Court Ruling Aside, For Now DOL Will Rely on Fiduciary Rule to Govern Investment Advice,” InvestmentNews (May 7, 2018)
Quoted, “DOL Declines to Scrap Fiduciary Rule Despite Invalidation,” Law360 (May 7, 2018)
Quoted, “Court Deals DOL Fiduciary Rule Another Blow,” Fund Action (May 3, 2018)
Quoted, “Fifth Circuit Rejects Attempts to Save Fiduciary Rule,” Financial Advisor IQ (May 3, 2018)
Quoted, “5th Circ. Won't Rethink Invalidation of DOL Fiduciary Rule,” Law360 (May 2, 2018)
Quoted, “ERISA Stock-Drop Suits Take A Back Seat As Market Roars,” Law360 (April 10, 2018)
Quoted, “DOL Fiduciary Rule Sparks Charges of Reverse-Churning,” InvestmentNews (April 4, 2018)
Co-author, “Fifth Circuit Raises New Questions by Ruling that the Fiduciary Rule Is Invalid,” Ropes & Gray Alert (March 21, 2018)
Quoted, “Appeals decision opens door for SEC best interest standard,” International Financial Law Review (March 21, 2018)
Quoted, “DOL Rule Dead, Maybe, Following 5th Circuit Ruling,” Ignites (March 19, 2018)
Quoted, “Wealth Firms Still Face Uncertainty on DOL Rule, Despite Ruling,” FundFire (March 19, 2018)
Quoted, “Circuit Court Ruling to Vacate DOL Fiduciary Rule Extends Regulatory Uncertainty,” (March 16, 2018)
Quoted, “Fiduciary Rule’s Next Stop: Supreme Court?” Financial Planning(March 16, 2018)
Quoted, “DOL Fiduciary Rule Likely to Live on Despite Appeals Court Loss,” InvestmentNews (March 16, 2018)
Quoted, “DOL Direction Sought After Fiduciary Rule Nixed by 5th Circuit,” Law360 (March 16, 2018)
Quoted, “'Pure Uncertainty': Court's 'Fiduciary' Ruling Muddles Federal Regulation,” POLITICO Pro (March 16, 2018)
Quoted, “Massachusetts' Galvin: investors aren't 'pawns in a prize contest',” International Financial Law Review (February 27, 2018)
Quoted, “How Pension Execs Can Steer Clear of Fiduciary Snafus,” FundFire (February 26, 2018)
Quoted, “CCOs put on notice by Massachusetts fiduciary rule case,” Compliance Reporter (February 22, 2018)
Quoted, “State Securities Cops Filling In For Feds On Fiduciary Beat,” Law360 (February 20, 2018)
Author, “Tread carefully with Erisa money,” Alt Credit Intelligence (February 16, 2018)
Quoted, “Scottrade Charged With Violating The DOL’s Fiduciary Rule,” ValueWalk (February 16, 2018)
Quoted, “State securities regulator says states can enforce DOL fiduciary rule,” InvestmentNews (February 16, 2018)
Quoted, “WSJ Wealth Adviser Briefing: Massachusetts Takes Action to Enforce Fiduciary Rule,” Wall Street Journal’s Moneybeats (February 16, 2018)
Quoted, “Mass. Regulator Charges Scottrade Over Sales Contests,” Law360 (February 15, 2018)
Quoted, “Massachusetts Accuses Scottrade of Fiduciary Rule Violations,” WSJ Pro Financial Regulation (February 15, 2018)
Quoted, “New DOL, SEC officials help advance fiduciary rule work,” InvestmentNews (December 22, 2017)
Co-author, “Department of Labor Releases Final 18-Month Delay in Applicability Date for Portions of Fiduciary Rule,” Ropes & Gray Alert (November 29, 2017)
Quoted, “Fiduciary rule delay gives DOL chance at organized rollout,” Compliance Reporter (November 9, 2017)
Quoted, “Will Regulatory Rule Dash Private Equity’s Retail Dreams?,” WSJ Pro Private Equity (September 29, 2017)
Co-author, "Department of Labor Proposes 18-Month Delay in Applicability Date for Portions of Fiduciary Rule," Ropes & Gray Alert (September 1, 2017)
Quoted, “What Happens if Class-Action Mechanism Dies?,” Barron’s (September 1, 2017)
Quoted, “WSJ Wealth Adviser Briefing: Fiduciary Delay, Battling Biases, Harvey’s Latest Burden,” The Wall Street Journal’s MoneyBeat (August 30, 2017)
Quoted, “DOL fiduciary rule: The 5 biggest things to watch for if BICE's class-action provision is killed,” InvestmentNews (August 29, 2017)
Quoted, “U.S. Targeting Class-Action Provision of DOL Rule,” Barron’s (August 25, 2017)
Quoted, “DOL fiduciary rule: Trump administration signals intent to kill class-action provision in BICE,” InvestmentNews (August 25, 2017)
Quoted, “WSJ Wealth Adviser Briefing: DOJ on DOL Rule, Streetwise on Investor Caution,” The Wall Street Journal’s MoneyBeat (August 25, 2017)
Quoted, “Another delay in fiduciary rule could result in substantial revision,” Compliance Week (August 22, 2017)
Quoted, “New DOL delay prolongs fiduciary rule uncertainty,” Compliance Reporter (August 16, 2017)
Co-author, “Department of Labor to Propose 18-Month Delay in Applicability Date for Portions of Fiduciary Rule,” Ropes & Gray Alert (August 10, 2017)
Quoted, “Long DOL Rule Delay Hints at Revisions: Lawyers,” Ignites (August 10, 2017)
Quoted, “Brace For 18 More Months of Fiduciary Reg Limbo,” MutualFundWire.com (August 10, 2017)
Quoted, “DOL plots 18-month fiduciary rule delay,” Fund Action (August 9, 2017)
Quoted, “DOL To Postpone Parts Of Fiduciary Rule Until 2019,” Law360 (August 9, 2017)
Quoted, “DOL seeks to delay fiduciary rule until July 2019,” InvestmentNews (August 9, 2017)
Quoted, “SEC poses biggest threat to DoL, fiduciary rule,” International Financial Law Review (August 8, 2017)
Quoted, “DOL hints at SEC fiduciary collaboration,” Compliance Reporter (July 7, 2017)
Co-author, “Department of Labor Requests Information on Fiduciary Rule,” Ropes & Gray Alert (July 6, 2017)
Quoted, “DOL Asks For More Info On Fiduciary Rule,” Law360 (June 30, 2017)
Quoted, “More clarity expected for DOL rule,” Fund Action (June 14, 2017)
Co-author, “Key Considerations for Asset Managers under the DOL’s Fiduciary Rule,” Ropes & Gray Alert (June 13, 2017)
Quoted, “DOL fiduciary rule takes effect, but more uncertainty lies ahead,” InvestmentNews (June 9, 2017)
Quoted, “Fiduciary rule: Last-minute prep and continued uncertainty,” Compliance Reporter (June 7, 2017)
Quoted, “SEC Muddies Fiduciary Rule Waters With Comment Request,” Law360 (June 7, 2017)
Quoted, “SEC Jumps Back in the Fiduciary Rule Debate,” Ignites (June 2, 2017)
Quoted, “Fiduciary Rule’s ‘Soft Open’ Makes Full Repeal Less Likely,” Law360 (May 23, 2017)
Co-author, “Department of Labor Provides Guidance on Fiduciary Rule Transition Period,” Ropes & Gray Alert (May 23, 2017)
Quoted, “DOL faces tough road in revising or repealing fiduciary rule,” InvestmentNews (April 13, 2017)
Quoted “Fiduciary Duty Delay Pleases Few, Clarifies Little,” Law360 (April 5, 2017)
Quoted “Labor Department staff has ‘fiduciary’ rule foes seething over delay,” Politico (April 6, 2017)
Quoted, “DOL delays Fiduciary Rule, eases compliance burden for BICE,” Fund Operations (April 6, 2017)
Quoted, “Global Equities Roundup: Market Talk,” Dow Jones Institutional News (April 6, 2017)
Quoted, “Will ERISA preempt state law under the fiduciary rule?” BenefitsPro (March 30, 2017)
Co-author, “Department of Labor Delays Fiduciary Rules for 60 Days” Ropes & Gray Alert (April 5, 2017)
Quoted, “House Democrats denounce DOL rule delay as comment period closes,” InvestmentNews (March 17, 2017)
Quoted, “DOL Promises Enforcement Grace Period for Fiduciary Rule,” Ignites (March 13, 2017)
Co-author, “Department of Labor Proposes 60-day Delay of Fiduciary Rule,” Ropes & Gray Alert (March 3, 2017)
Quoted, “Fiduciary duty rule review confuses US retirement sector,” International Financial Law Review (February 8, 2017)
Quoted, “Welcome to Fiduciary Reg Limbo,” MutualFundWire.com (February 7, 2017)
Quoted, “DOL Issues New Fiduciary Rule FAQs,” Compliance Reporter (January 24, 2017)
Co-author, “DOL Issues Additional Interpretative Guidance on New Fiduciary Rule,” Ropes & Gray Alert (January 17, 2017)
Quoted, “Who's afraid of Virginia Foxx and friends? Maybe pro-DOL forces should be but no panic yet,” RIABiz.com (January 11, 2017)
Quoted, “People are worried that Trump will roll back a rule meant to protect Americans' retirement money from Wall Street,” Business Insider (January 6, 2017)
Co-author, “DOL Issues First Interpretative Guidance on New Fiduciary Rule,” Ropes & Gray Alert (2016)
Co-author, “Release Us From Confusion Over ERISA Fiduciary Claims,” 37 Pension & Benefits Reporter (BNA) 647 (2010)

Presentations

Co-author, “Congressional Republicans Continue Attack on 2022 ESG Rule,” The Harvard Law School Forum on Corporate Governance (August 2, 2023)
Co-presenter, “Exemptions/Advisory Opinions and DOL Regional Investigations,” Practising Law Institute, ERISA Fiduciary Investment Basics Course (March 21, 2023)
Co-presenter, “DOL Final Regs on ESG Investments and Proxy-Related Rules: Key Issues for ERISA Counsel, Plan Sponsors, Administrators,” Strafford Publications Webinar (February 8, 2023)
Co-presenter, “ESG – A New Chapter for Plan Sponsors and Fiduciaries," Worldwide Employee Benefits Network, NY Chapter Webinar (January 20, 2022)
Presenter, Oxford Sustainable Finance Conference (November 2021)
Speaker, “401(k)/403(b) Litigation Risk Management: Recent Wave of Retirement Plan Litigation and How to Mitigate Employer/Plan Sponsor Risks,” Ropes & Gray Webinar (May 25, 2021)
Co-presenter, “Formulating a Global Approach: ESG Challenges,” Institutional Investor Legal Forum, 2021 Virtual Winter Roundtable (February 10, 2021)
Speaker, “Evaluating ESG: How the DOL's Draft Rule May Impact 401(k)s,” Ignites Exchange Webcast (August 18, 2020)
Speaker, “A New Era: What the DOL Guidance Means for Private Equity and Other Alternative Investments in 401(k) Plans,” Ropes & Gray Webinar (June 18, 2020)
“COVID-19: Credit Funds: Considerations for Credit Fund Managers Overseeing ERISA Plan Assets in Light of the Pandemic,” Ropes & Gray Podcast (May 13, 2020)
“COVID-19: Key Decisions for Defined Contribution Plan Sponsors Under the CARES Act,” Ropes & Gray Podcast (April 1, 2020)
“Cross-selling in the Crosshairs: Implications and Challenges of the Oracle 401(k) Fee Litigation Settlement,” Ropes & Gray Podcast (March 23, 2020)
Panelist, “Plan Design Optimization,” Pensions & Investments East Coast Defined Contribution Conference (March 9, 2020)
“ERISA Plan Fiduciaries’ Proxy Voting: Regulatory Updates,” Ropes & Gray Podcast (December 16, 2019)
“Supreme Court May Resolve Key ERISA Statute of Limitations and Proprietary Fund Litigation Questions,” Ropes & Gray Podcast (November 25, 2019)
Co-presenter, “SEC aims to level playing field for retail investors,” Private Funds CFO Podcast (August 12, 2019)
“ERISA Plan Sponsors, ESG and the April 2019 Executive Order on Promoting Energy Infrastructure,” Ropes & Gray Podcast (May 10, 2019)
Co-presenter, “Unwinding the Fiduciary Rule: New State Enforcement Activity, Next Steps for ERISA Counsel and Advisers,” Strafford Publications Webinar (February 19, 2019)
Presenter, “ERISA/IRA Investor Compliance Issues for Credit Funds,” New York City Bar Association's Private Investment Funds Committee (February 6, 2019)
“Credit Funds: How Managers Can Avoid and Mitigate ERISA Conflicts,” Ropes & Gray Podcast (January 10, 2018)
Panelist, “2017 In Review: The Hedge Funds Industry,” Ropes & Gray Webinar (January 10, 2018)
Podcast, “DOL fiduciary: The battle is just beginning,” InvestmentNews (June 9, 2017)
Speaker, “A View From Washington: The First 100 Days,” Ropes & Gray Webinar (April 24, 2017)
Panelist, “A View From Washington”, SIFMA Private Funds Roundtable (February 8, 2017)
Speaker, Goldman Sachs U.S. Financial Services Conference (2016)

Experience

Credentials

Education

Admissions

Publications

Presentations

Awards

Areas of Practice