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Supreme Court Agrees to Consider Question About Plausible Claims in Excessive Fee Cases
Supreme Court Agrees to Consider Question About Plausible Claims in Excessive Fee Cases
The high court granted a writ of certiorari requested by plaintiffs in a lawsuit against Northwestern University over fees in its two 403(b) plans.
Deals and People
Retirement Industry People Moves
Ascensus acquires health and benefits TPA provider; Putnam Investments announces developments to GAA team; Virtus Investment Partners enters acquisition with Stone Harbor; and more.
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2021 Best in Class DC Providers
2021 Recordkeeping Survey
Participants Will Need Support to Understand Lifetime Income Projections
Economic Events
New orders for manufactured durable goods in May increased $5.7 billion or 2.3% to $253.3 billion, the U.S. Census Bureau announced. This increase, up twelve of the last thirteen months, followed a 0.8% April decrease. Excluding transportation, new orders increased 0.3%. Excluding defense, new orders increased 1.7%. Transportation equipment, up following two consecutive monthly decreases, led the increase, $5.2 billion or 7.6% to $74.2 billion.

Total nonfarm payroll employment rose by 850,000 in June, and the unemployment rate was little changed at 5.9%, the Bureau of Labor Statistics reported. Notable job gains occurred in leisure and hospitality, public and private education, professional and business services, retail trade and other services.

Thursday, the Labor Department will issue its initial claims report, and Freddie Mac will update average mortgage rates for the week. Friday, the Census Bureau will report about wholesale trade for May.
Market Mirror
Friday, the Dow increased 152.82 points (0.44%) to 34,786.35, the Nasdaq climbed 116.95 points (0.81%) to 14,639.33, and the S&P 500 gained 32.40 points (0.75%) to finish at 4,352.34. The Russell 2000 fell 23.60 points (1.01%) to 2,305.76, and the Wilshire 5000 closed 249.61 points (0.55%) higher at 45,563.37.

The price of the 10-year Treasury note was up 2/32, decreasing its yield to 1.437%. The price of the 30-year Treasury bond increased 26/32, bringing its yield down to 2.046%.

For the week ending July 2, the Dow was up 1.02%, the Nasdaq climbed 1.94%, and the S&P 500 gained 1.67%. The Russell 2000 finished 1.23% lower, and the Wilshire 5000 increased 1.17%.
Plaintiffs Allege Adviser Committed Fraud, Assessed Hidden Commissions
The plaintiffs in a new fiduciary breach lawsuit say they have been misled by a financial adviser into buying commission-based life insurance products, rather than the retirement-focused investments they believed they were purchasing.
DOL Clarifies Its Stance on Providing Conversation Recordings, Transcripts to Benefit Claimants
The claims regulation referenced in a DOL information letter applies to both health and welfare plans and retirement plans, but the letter is fairly limited in scope, an attorney tells PLANSPONSOR.
Small Talk
ON THIS DATE: In 1923, the Union of Soviet Socialist Republics (USSR) was established. In 1933, Major League Baseball’s first All-Star Game took place at Chicago’s Comiskey Park. In 1945, President Harry Truman signed an order creating the Medal of Freedom. In 1948, Frieda Hennok became the first woman to serve as the commissioner of the Federal Communications Commission (FCC). In 1957, Althea Gibson became the first African American to win Wimbledon. In 1976, in Annapolis, Maryland, the United States Naval Academy admitted women for the first time in its history with the induction of 81 female midshipmen. In 1983, the U.S. Supreme Court ruled that retirement plans could not pay women smaller monthly payments solely because of their gender.

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