Court Rules that IRA Custodian was not a Fiduciary but did Violate MA Consumer Protection Law

In UBS Financial Services, Inc. v. Aliberti (SJC-12662), the Massachusetts Supreme Judicial Court has ruled that no fiduciary relationship existed between the commercial custodian of an individual retirement account (IRA) and a named beneficiary of that account, because the IRA was not a “trust” under either state or federal law, finding that the complaint did not adequately plead sufficient ...