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 Statement on 2020 Election Results
WASHINGTON, D.C. – Today, Financial Services Institute (FSI) President & CEO Dale Brown released the following statement in response to the outcome of …Read More
FSI Statement on Introduction of Bipartisan Retirement Security Bill
Proposed legislation expands upon the SECURE Act Today, the House Ways & Means Committee released the Securing a Strong Retirement Act …Read More
FSI Names Inaugural Recipients of Congressional Champion for Main Street Award
Four lawmakers recognized for dedication to preserving Americans’ access to affordable, professional financial advice Today, the Financial Services Institute (FSI) …Read More