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Labor drops its defense of fiduciary rule’s class-action provision

The restriction on writing class-action waivers into the BIC Exemption was designed as the rules primary enforcement mechanism. Labors attorneys say they are dropping the defense of the class-action provision.

By Nick Thornton | Updated on July 07, 2017
Labor’s attorneys say they are dropping the defense of the class-action provision in the fiduciary rule. (Photo: AP)

Attorneys from the Labor and Justice Departments intend to mount a vigorous defense of most of the fiduciary rule before the 5th Circuit Court of Appeals in New Orleans at the end of the month, even as regulators consider massive revisions to the landmark regulation.

In court papers filed this week by the Labor Department’s acting solicitor, government attorneys argue that a sweeping lower court decision in Texas upholding the fiduciary rule should be affirmed on appeal, with the exception of one prominent provision of the rule.

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Nick Thornton

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.

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