Multiparty lawsuit alleges DOL overstepped authority with rule
June 3, 2016 by Warren S. Hersch
Several organizations have joined together to file a legal challenge to the Department of Labor’s conflict of interest rule, alleging that DOL overstepped its authority in crafting a uniform fiduciary standard of care for brokers and registered investment advisors.
Chief executive officers of the five national association co-plaintiffs participated this morning in a media conference to discuss the multiparty lawsuit. Nine organizations in all filed on June 1st a legal challenge to the Department of Labor’s fiduciary rule for brokers and registered investment advisers serving Americans with individual retirement accounts (IRAs) and 401(k) plans.
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