Court Strikes Down DOL Fiduciary Rule, Finds in Favor of Plaintiffs

March 15, 2018

WASHINGTON, D.C., March 15, 2018 – The U.S. Chamber of Commerce, Financial Services Institute, Financial Services Roundtable, Insured Retirement Institute, and Securities Industry and Financial Markets Association released the following statement today on a decision in favor of the plaintiffs by the U.S. Court of Appeals for the Fifth Circuit regarding a legal challenge to the Department of Labor’s fiduciary rule:

“The court has ruled on the side of America’s retirement savers, preserving access to affordable financial advice.  Our organizations have long supported the development of a best interest standard of care and the Securities and Exchange Commission should now take the lead on a clear, consistent, and workable standard that does not limit choice for investors.”