DOL Gets First Victory In Fiduciary Rule Challenges
By Y. Peter Kang (November 4, 2016, 10:43 PM EDT) -- The U.S. Department of Labor's so-called fiduciary rule for retirement account investment advisers was promulgated after an adequate analysis and within the agency's authority, a D.C. federal judge ruled Friday, giving the government its first victory in one of many challenges to the new rule.
U.S. District Judge Randolph D. Moss said the DOL's modification of the definition of who is considered a fiduciary — and therefore on the hook for any breach of fiduciary duty — was made within its statutory authority and was promulgated via a satisfactory rule-making and notification process. The judge shot down the argument of the...
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