The U.S. District Court for the Northern District of Texas, which is scheduled to hear a consolidated lawsuit against the Department of Labor’s fiduciary rule on November 17, 2016, will consider two amici briefs supportive of the rule.
As first reported in Think Advisor, BenefitsPro’s sister publication, six other submitted briefs were rejected by Judge Barbara Lynn.
The brief submitted by the Financial Planning Coalition, a consortium of three associations representing more than 80,000 financial planning professionals that are required to operate under a fiduciary standard, makes several arguments that strike at the core of the allegations raised by plaintiffs in the consolidated suit, which include the Securities Industry Financial Markets Association, the U.S. Chamber of Commerce, and the Insured Retirement Institute.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
