08.17.18
Judge Remands Scottrade Fiduciary Case Back to State Agency
by: Melanie Waddell
The judge presiding over a case against Scottrade brought by Massachusetts Secretary of the Commonwealth William Galvin for violating the Labor Department's fiduciary rule has remanded the case back to a state administrative proceeding, as requested by Galvin. Nathaniel Gorton, the U.S. District Judge for the U.S. District Court for the District of Massachusetts, ruled that ERISA “does not completely preempt either claim in the administrative complaint and neither claim 'arises under' ERISA." He continued: "This court lacks subject matter jurisdiction and plaintiff's motion to remand will be allowed.” Scottrade was seeking to have the case heard in federal court.
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