Justice Department seeks stay in DOL fiduciary rule lawsuit

Justice Department seeks stay in DOL fiduciary rule lawsuit
Attorneys ask the Dallas federal court not to issue a ruling pending a “status report” it plans to file in relation to President Trump's Feb. 3 memo to review the regulation.
FEB 09, 2017
The Department of Justice filed a motion in a Dallas federal court on Wednesday asking the judge to stay proceedings in a lawsuit against a Labor Department investment advice rule. The DOJ attorneys asked that the court not issue a ruling pending a “status report” it plans to file on or around March 10 regarding President Donald Trump's Feb. 3 memo directing the DOL to review its fiduciary rule. The rule requires advisers to act in the best interests of clients in retirement accounts. The Labor Department is deciding whether to delay the rule's April 10 applicability date in order to conduct a new cost-benefit analysis that Mr. Trump mandated. (More: The latest news and resources on the DOL fiduciary rule) “[T]he outcome of the Department's review may differ in relevant ways from the April 8, 2016, rulemaking challenged by plantiffs,” the DOJ motion states. “For example, although the Department conducted an exhaustive regulatory-impact analysis in this rulemaking, its cost-benefit analysis was challenged in this litigation and could be updated. The rulemaking additionally could be 'revised or rescinded.'” Chief Judge Barbara M.G. Lynn recently indicated she would rule on the case by Feb. 10.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave