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

SEC to lose Hester Peirce, deepening a commissioner crisis
SEC to lose Hester Peirce, deepening a commissioner crisis

The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.

Florida B-D, RIA owner pitches bold long-term plan to sell to advisors
Florida B-D, RIA owner pitches bold long-term plan to sell to advisors

IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.

Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships
Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships

Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management