IFS Submits Comments to the DOL

On January 18, 2008, Independent Fiduciary Services (“IFS”) submitted comments to Department of Labor (“DOL”) regarding proposed amendments to a 2003 prohibited transaction class exemption. This particular exemption requires the approval of an independent fiduciary of releases granted by ERISA-regulated plans to “parties in interest.” This exemption comes into play most often in “stock drop” litigation under the federal securities laws. IFS often serves as an independent fiduciary to institutional investor clients who encounter (or have the potential to encounter) a conflict of interest. A full version of the submitted comments may be found below.