A consortium of consumer advocate groups says the Labor Department’s decision to drop its defense of the fiduciary rule’s restriction on class-action waivers is “without justification.”
In court documents filed with the 5th Circuit Court of Appeals last week, government attorneys said they would no longer defend one claim in the most wide-ranging of lawsuits seeking an injunction of the fiduciary rule. The claim? That the provision in the rule’s Best Interest Contract Exemption prohibiting class-action waivers violates the Federal Arbitration Act.
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