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The lawsuit brought against the Securities and Exchange Commission by Attorneys General from seven states and the District of Columbia may prove not to have standing in federal court, according to one attorney.

In their complaint, the Attorneys General are asking the U.S. District Court for the Southern District of New York to scrub Regulation Best Interest, the SEC’s recently passed standard of care rule for broker-dealer recommendations to retail investors.

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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