The Financial Services Institute (FSI) and Securities Industry and Financial Markets Association (SIFMA) released the following statement today regarding a decision in the Northern District of Texas granting a stay in a federal lawsuit challenging the Department of Labor’s fiduciary rule:
“Today’s decision rightly prevents the Department of Labor’s rule from taking effect as the court continues to weigh the merits of the case. The finalized rule unlawfully expands the definition of a ‘fiduciary’ and jeopardizes investors’ access to advice and education.”
In their filing in June, FSI and SIFMA asked the Court to vacate and set aside the 2024 Rule and declare it to be in excess of the DOL’s statutory authority, arbitrary and capricious, and otherwise not in accordance with law.
FSI and SIFMA’s full plaintiff-intervenors’ complaint filed in this case, American Council of Life Insurers, et al. v. United States Department of Labor, can be found here: https://www.sifma.org/resources/submissions/complaint-filed-in-the-u-s-district-court-for-the-northern-district-of-texas-worth-division/
