Lawyers Gear Up to Take Down New Fiduciary Rule

Lawyers Gear Up to Take Down New Fiduciary Rule

April 29, 2024

United States
United States
United States

Life Annuity Specialist

Eversheds Sutherland Of Counsel Mark Smith is quoted in this Life Annuity Specialist article regarding the US Department of Labor’s (DOL) Final Rule 4.0 that affects the distribution of life and annuity products into retirement accounts.

In the article, Mark disagrees with the DOL’s assertion that the 2024 rule will fare better in court than the 2016 rule.

"There is no practical sense in which the 2024 definition is narrower than the 2016 rule," he said. [The] rule again "conflates trust and confidence in a business counterparty with automatic fiduciary status," which was not the common legal understanding in 1974 when ERISA was made law, he said.

The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer. Eversheds Sutherland is a provider of legal and other services operating through various separate and distinct legal entities. For further information about these entities and Eversheds Sutherlands' structure please see the Legal Notice page of this website.

Services

Client Tools

Key contacts

marksmith@eversheds-sutherland.com

W. Mark Smith

Of Counsel

Washington, DC, United States

Latest Insights

  • legal updates
  • legal updates
  • guides and reports
  • legal updates

Latest News

Latest Events

skyscrapers upward view symmetry glass facade modern corporate architecture

legal updates

October 27, 2026

Classical stone columns historic building architecture detail

legal updates

October 26, 2026

EU-flags-at-the-European-Commission-Berlaymont-building-cropped

guides and reports

October 23, 2026

An abstract image of a building

legal updates

October 21, 2026

© Eversheds Sutherland 2026. All rights reserved. Eversheds Sutherland is a provider of legal and other services operating through various separate and distinct legal entities. For further information about these entities and Eversheds Sutherlands' structure please see the Legal Notice page of this website.

Eversheds Sutherland is the name and brand under which the members of Eversheds Sutherland Limited (Eversheds Sutherland (International) LLP and Eversheds Sutherland (US) LLP) and their respective controlled, managed or affiliated firms and the members of Eversheds Sutherland (Europe) Limited and Eversheds Sutherland (Africa) Limited (each an "Eversheds Sutherland Entity" and together the "Eversheds Sutherland Entities") provide legal or other services to clients around the world. Eversheds Sutherland Entities are constituted and regulated in accordance with relevant local regulatory and legal requirements. The use of the name Eversheds Sutherland, is for description purposes only and does not imply that the Eversheds Sutherland Entities are in a partnership or are part of a global entity. The responsibility for the provision of services to the client is defined in the terms of engagement between the instructed firm and the client. For further information about these Eversheds Sutherland Entities and Eversheds Sutherlands’ structure please see the Legal Notices page of this website.