Last week, a divided panel of the U.S. Court of Appeals for the Fifth Circuit struck down the U.S. Department of Labor’s (“DOL”) “Fiduciary Rule,” a controversial measure that redefined exemptions to Employee Retirement Income Security Act of 1974 (“ERISA”) provisions concerning fiduciaries. The DOL’s rule, promulgated in April 2016, consisted of a package of seven interrelated rules, and it sparked controversy by redefining how brokers and other financial professionals serve consumers. First, the Fiduciary Rule reinterpreted the ERISA term “investment advice fiduciary,” heightening the fiduciary duty for these financial professionals to a “best interest” standard for their clients with ERISA plans and individual retirement accounts (“IRAs”). This “best interest” standard marked a significant departure from the prior standard for brokers, which required them to recommend investments that were merely “suitable” for their clients. Second, the Fiduciary Rule created a “Best Interest Contract Exemption,” which allowed financial professionals to avoid prohibited transactions penalties as long as they contractually affirmed their fiduciary status. READ MORE
Haley Jankowski is a member of Orrick's Litigation Group and Supreme Court and Appellate practice.
Haley has experience in a wide range of subject areas, including administrative law, intellectual property, patent, securities, and immigration. She has co-authored cert-stage briefs in the U.S. Supreme Court and has co-authored briefs in several federal courts of appeals. Haley also maintains an active pro bono practice.
Prior to joining Orrick, Haley served as a law clerk to the Honorable Jay S. Bybee of the U.S. Court of Appeals for the Ninth Circuit.
Haley earned her Juris Doctor summa cum laude from the J. Reuben Clark Law School at Brigham Young University, graduating first in her class. While attending law school, she served as a Lead Articles Editor of the Brigham Young University Law Review.