Attorneys from the Labor and Justice Departments intend to mounta vigorous defense of most of the fiduciary rule before the 5thCircuit Court of Appeals in New Orleans at the end of the month,even as regulators consider massive revisions to the landmarkregulation.
In court papers filed this week by the Labor Department’s actingsolicitor, government attorneys argue that a sweeping lower courtdecision in Texas upholding the fiduciary rule should be affirmedon appeal, with the exception of one prominent provision of therule.
Last February, Judge Barbara Lynn, chief judge for the U.S.District Court for the Northern District of Texas, issued adecisive ruling dismissing the most wide-ranging of four lawsuitsbrought by industry stakeholders. The plaintiffs in that case,which include the U.S. Chamber of Commerce and the SecuritiesIndustry and Financial Markets Association, promptly filed anappeal.
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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.
