Fiduciary Rule Flouts First Amendment, 5th Circ. Told

The Washington Legal Foundation submitted an amicus brief Tuesday urging the Fifth Circuit to rule against the U.S. Department of Labor’s fiduciary rule for retirement account advisers, telling the appellate court the rule improperly restricts the speech of broker-dealers and investment advisers.

The WLF filed the brief in support of a number of financial industry groups seeking to reverse a district court decision that tossed their challenge to the Labor Department’s fiduciary rule. That district court decision erred, the WLF said, by giving “unacceptably broad deference”...

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