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Subscribe Search ResourcesThe U.S. Department of Labor, reflecting policies set by the Biden Administration, announced that it will scrutinize cryptocurrencies in retirement plans. Cryptocurrency investments in a retirement plan likely violate ERISA Section 404(b), which requires plan assets have the indicia of ownership within the U.S. so that they are subject to the jurisdiction of U.S. district courts. Accordingly, plan fiduciaries should consider monitoring plan assets for such investments to limit or avoid them.
Burns & Levinson announced that it represented privately-held Lowell Therapeutics, Inc. in the company’s $32.5 million sale to AcelRx Pharmaceuticals (NASDAQ: ACRX), a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. The deal, which was announced on November 15, 2021, closed on January 10, 2022.
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