Groom Law Group Foresees More Regulation, Litigation Involving IRA Custodians, Trustees

Brokers that provide investment advice to individual retirement account holders most likely will be held to fiduciary standards under the Employee Retirement Income Security Act unless the Department of Labor is persuaded to back down from its intention to regulate IRA brokers under an expanded ERISA fiduciary standard, Groom Law Group attorneys said during a May 3 conference call with clients.

Richard K. Matta, a principal at the Groom Law Group in Washington, said during the conference call that conversations he had with DOL officials as recently as the week of April 25 suggest that the department is intent on ...