DOL Fiduciary News: June 28, 2016
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3 DOL Fiduciary Cases in Texas to Be Consolidated; Parties Want October Resolution
ThinkAdvisor; June 27, 2016
A federal judge in Texas has agreed to allow the three lawsuits against the Department of Labor’s fiduciary rule that are pending in the state to be consolidated, and both parties recently filed a motion asking that the judge render a decision in the case as soon as October.
In her June 21 order, District Judge Barbara M.G. Lynn stated that the three actions are based on “common issues of law and fact” and allowed for each case to retain its “separate identity” with separate oral arguments and allowing each to make further litigation decisions.
Based on new Hensarling bill, GOP not keen on SEC fiduciary rule after all
InvestmentNews; June 27, 2016 @ 1:54 pm
Capitol Hill Republicans have said for years they wanted the Securities and Exchange Commission to proceed before the Labor Department in proposing a rule to raise investment advice standards.
They bemoaned and tried to kill the DOL's rule, which applies only to retirement accounts. It was finalized in April — before the SEC even made a proposal.
Fiduciary rule opponents not throwing in towel just yet
CNBC.com; June 27, 2016
It's not over 'til it's over!
Opponents of the new fiduciary rule — imposed in April by the Department of Labor, requiring financial advisors who provide retirement advice to put their clients' best interests above all else — have yet to throw in the towel.