District judge sets deadline in DOL fiduciary rule case

District judge sets deadline in DOL fiduciary rule case
Industry plaintiffs who succeeded in vacating the regulation filed a motion seeking no further action.
JUL 10, 2018

The Department of Labor's fiduciary rule continues its legal and procedural death throes, as three financial services industry lobbying groups opposing the regulation notified a federal court in Texas on Monday that they would seek no more action in the matter. Chief judge Barbara M.G. Lynn of the U.S. district court for the northern district of Texas — who had upheld the rule in a decision on Feb. 8, 2017 — issued an order in late June that any parties involved in the matter who seek further remedy or relief must notify the court in writing by Thursday, July 12. A court filing by plaintiffs in the complaint — the American Council of Life Insurers, the Chamber of Commerce and the Indexed Annuity Leadership Council — stated: "To the extent that the court takes any further steps, plaintiffs respectfully submit that the only remaining appropriate step would be to close the case." The complaint was originally filed in 2016 against the Department of Labor and its then secretary Thomas Perez. It remains to be seen whether any state attorneys general, which have attempted to save the DOL fiduciary rule on appeal but have failed, will act further. A spokeswoman for California's attorney general, Xavier Becerra, did not return a call Tuesday to comment. The DOL's fiduciary rule has been essentially dead since the middle of March, when the U.S. 5th Circuit Court of Appeals issued a split decision that vacated the measure. After a delay of more than three months, the court issued a mandate June 21 that made effective its March decision.

Latest News

Trump account confusion is widespread among parents — and advisors have an opening
Trump account confusion is widespread among parents — and advisors have an opening

Only 7% of U.S. parents are "very confident" they understand how the Trump accounts work, says Omni Calculator

Receiver sues to recover alleged Traders Domain Ponzi profits
Receiver sues to recover alleged Traders Domain Ponzi profits

One transfer alone came to $5.6m, and the receiver says none of it was real profit.

SEC accuses S2A Modular founders of alleged $65 million investor fraud
SEC accuses S2A Modular founders of alleged $65 million investor fraud

Investors chose which factory to fund - the SEC says the money went elsewhere.

Ameriprise gets narrow relief from FINRA panel in latest recruiting dispute with LPL
Ameriprise gets narrow relief from FINRA panel in latest recruiting dispute with LPL

Ameriprise and LPL Financial for the past few years have engaged in a financial advice trade war.

Am I stuck? Rethinking career mobility at every stage
Am I stuck? Rethinking career mobility at every stage

Why advisors at every stage may have more leverage, flexibility, and strategic options than they realize.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income