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.
FSI Announces 2021 Advocacy Circle of Excellence Honorees and Winners of Stephen R. Kareta Excellence in Advocacy Awards
FSI’s Second Annual Awards Program Recognizes Members for Outstanding Contributions to Advocacy on Behalf of Independent Advisors and Their Clients […]Read More
FSI Challenges DOL Independent Contractor Rule Withdrawal
Late yesterday, the Financial Services Institute (FSI) joined in filing an amended complaint against the Department of Labor (DOL), challenging […]Read More
Statement on DOL’s Withdrawal of Independent Contractor Rule
Today, the U.S. Department of Labor (DOL) announced the withdrawal of its Independent Contractor Status Under the Fair Labor Standards […]Read More