Sotomayor unlikely to surprise on pension rulings

AUG 10, 2009
Sonia Sotomayor, the U.S. Supreme Court's first Hispanic justice, isn't expected to shatter precedent with her rulings on high-court pension cases, according to ERISA attorneys. The Senate confirmed her appointment last Thursday by a 68-31 vote. In her almost 11 years as a judge for the U.S. Court of Appeals for the Southern District of New York, Ms. Sotomayor was involved in about 20 cases related to the Employee Retirement Income Security Act. In none did she display a bias toward plan participants or plan sponsors, sources said, and her record suggests that she will continue down the ERISA mainstream that was followed by former Associate Justice David Souter, whom she is succeeding. “Right now, there's no reason to predict anything different,” said Bob Eccles, an ERISA litigation attorney for the Los Angeles-based law firm O'Melveny & Myers LLP. Lawyers also said that the handful of ERISA decisions that Ms. Sotomayor wrote for the federal appeals court were routine but demonstrate her intelligence and diligence. “They were pretty much run-of-the-mill. She basically applies existing precedent,” said Michael Vanic, an ERISA litigation attorney with the law firm Reish & Reicher of Los Angeles. “I didn't see anything out of the ordinary one way or another,” he said.

Latest News

RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence
RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence

Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.

Top Commonwealth advisor to recruiters: Stop with the cold calls already!
Top Commonwealth advisor to recruiters: Stop with the cold calls already!

“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.

Blue Owl Capital, Voya strike private market partnership for retirement plans
Blue Owl Capital, Voya strike private market partnership for retirement plans

The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.

Why AI notetakers alone can't fix 'broken' advisor meetings
Why AI notetakers alone can't fix 'broken' advisor meetings

Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."

Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit
Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit

The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.