Case Argued Against Department of Labor Rule That Will Harm Retirement Savers

Plaintiffs argue case to strike down over-reaching federal regulations that will restrict Americans’ access to retirement advice and planning services

Today, counsel for the U.S. Chamber of Commerce, Financial Services Institute, Financial Services Roundtable, Insured Retirement Institute, and Securities Industry and Financial Markets Association argued against the Department of Labor’s (DOL) fiduciary rule before Chief Judge Barbara Lynn in the U.S. District Court in Dallas.

In a joint statement, the Chief Executive Officers of the five national association co-plaintiffs noted the following:

“At today’s hearing, our counsel made a strong case that DOL overstepped its legal authority in enacting its misguided rule, which threatens to hurt retirement savers and help only class action plaintiffs’ lawyers. We appreciate the opportunity to present our case for setting aside the Department’s rule, so that our member firms and businesses may continue providing the best level of service to retirement savers.”

The co-plaintiffs’ initial complaint against the DOL was filed on June 1, 2016, in conjunction with the Texas Association of Business, Greater Irving-Las Colinas’ Chamber of Commerce, the Lake Houston Area Chamber of Commerce, and the Lubbock Chamber of Commerce.

Today’s hearing was consolidated with the hearings in two related cases brought by the American Council of Life Insurers and the Indexed Annuity Leadership Council.

The full June 1 complaint can be read here.
The initial press statement can be read here.