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

Modera, Simplicity announce new acquisitions in busy day for industry M&A
Modera, Simplicity announce new acquisitions in busy day for industry M&A

Two RIAs expand their geographic footprints with deals in New York's Capital Region and coastal Alabama.

Advisor moves: Ameriprise, Prospera, Raymond James land teams with $920M in assets
Advisor moves: Ameriprise, Prospera, Raymond James land teams with $920M in assets

A 27-year Merrill veteran, Florida advisors, and a trio of New Jersey advisors just moved to new platforms.

LPL Research launches 17 model portfolios, hitting $100B in AUM
LPL Research launches 17 model portfolios, hitting $100B in AUM

Broker-dealer expands its model portfolio platform with modular building block strategies designed to give advisors greater customization at scale.

Wealth Enhancement adds $592M Chicago-area RIA
Wealth Enhancement adds $592M Chicago-area RIA

The mega-RIA with roughly $160 billion in client assets remains firmly in acquisition mode amid rumors of private equity giants vying to scoop it up.

Annuity sales hit a record as war and Fed jitters redraw fixed income
Annuity sales hit a record as war and Fed jitters redraw fixed income

Record annuity demand for principal protection collides with the most hawkish Fed dissent since 2016.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income