The Department of Labor sued Minnesota technology consultant Virtual Matrix after an investigation found fiduciaries of the profit-sharing plan permitted the employer to benefit from plan assets.
A notice of rulemaking has not been issued yet, but Republican leaders are already discouraging the Department of Labor from proposing a new fiduciary rule.
A federal court has dismissed a case alleging that the DOL overstepped its bounds when warning recordkeepers and fiduciaries against offering cryptocurrency in retirement plans.