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.
Last February, Judge Barbara Lynn, chief judge for the U.S. District Court for the Northern District of Texas, issued a decisive ruling dismissing the most wide-ranging of four lawsuits brought by industry stakeholders. The plaintiffs in that case, which include the U.S. Chamber of Commerce and the Securities Industry and Financial Markets Association, promptly filed an appeal.
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