Chicago Partner-In-Charge Alan M. Wolper was quoted in a Financial Advisor IQ article focusing on the heightened scrutiny for financial advisors held to a fiduciary standard.
DOL Rule Opens More FAs to Negligence Claims
From Financial Advisor IQ
By Bruce Love
Negligence measures the defendant’s conduct versus a standard of care, while fraud measures a defendant’s state of mind, according to Alan Wolper, a partner in the Chicago office of law firm Ulmer & Berne. “Thus in a negligence case, the defendant’s state of mind – their intent or lack thereof – is not pertinent to the analysis,” says Wolper, making it, at least arguably, easier for the SEC to prove.
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