- California Governor Gavin Newsom announce an order to ban gasoline-powered cars in the state by 2035, meaning all new cars sold in the state must be zero-emission vehicles by that time.
- U.S judge halts Trump’s TikTok ban, hours before it was set to start.
- Mnuchin, Pelosi have restarted relief negotiations; Democrats eye $2.4T figure.
- FDA poised to announce tougher standards for a COVID-19 vaccine in an effort to boost transparency and public trust as polls show many are skeptical a vaccine will be safe and effective. Making it unlikely one will be cleared by Election Day.
Regulatory Trends and Industry Trends:
- MGM Resorts International has been sued by participants of its 401(k) plan alleging breaches of ERISA fiduciary duties by allowing excessive recordkeeping and investment fees.
- Duke Energy faces ERISA excessive fee lawsuit. The complaint suggests the plan’s recordkeeping expenses demonstrate that defendants failed to engage in prudent monitoring and engage in prudent practices to keep those costs at competitive levels.
Investment Manager News:
- Patrick Halter was named president of Principal Financial Group’s global asset management business.
- Schroders has named Andy Chorlton as head of fixed income.