Judge to decide on fiduciary rule suits next week

A federal judge in Dallas is expected to issue a decision next week on a lawsuit that seeks to stop implementation of the fiduciary rule.

Chief Judge Barbara Lynn of the U.S. District Court for the Northern District of Texas told the parties that the decision will come no later than Feb. 10, according to documents filed Thursday. The decision could delay or overturn the Department of Labor fiduciary rule set to go into effect in April.

The suit in question was filed in June by the U.S. Chamber of Commerce, the Texas Association of Business and chambers of commerce for the Greater Irving-Las Colinas area, Lubbock and Lake Houston. Judge Lynn consolidated that suit with similar ones seeking to overturn the Department of Labor regulation brought by Securities Industry and Financial Markets Association, the Financial Services Institute, the American Council of Life Insurers, the National Association of Insurance and Financial Advisors, and the Indexed Annuity Leadership Council.