Business Groups Mischaracterizing Fiduciary Rule, DOL Says

Law360, New York (January 30, 2017, 3:54 PM EST) -- The U.S. Department of Labor on Friday backed its controversial fiduciary rule for retirement account advisers, saying in Texas federal court that business groups’ opposition to the rule “mischaracterizes” the department’s rulemaking and guidance.

The DOL argued against the U.S. Chamber of Commerce’s assertion that the rule “transforms virtually all sales activity into fiduciary advice,” saying the fiduciary standard is only kicked in if three conditions are met, including if the recommendation concerns a plan’s investment property, results in the adviser getting paid and is directed...
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Case Title

Chamber of Commerce of the United States of America et al v. U.S. Department of Labor et al


Case Number

3:16-cv-01476

Court

Texas Northern

Nature of Suit

Other Statutes: Administrative Procedure Act/Review or Appeal of Agency Decision

Judge

Barbara M.G. Lynn

Date Filed

June 1, 2016

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