The U.S. District Court for the Northern District of Texas has upheld the Labor Department's fiduciary rule.
In an 81-page ruling, Chief Judge Barbara Lynn ruled that the Labor Department acted within its statutory authority under the Employee Retirement Income Security Act in promulgating a rule that expands the definition of a fiduciary.
The U.S. Chamber of Commerce, Securities Industry Financial Markets Association, and a consortium of trade groups challenged Labor's authority to redefine the definition of fiduciary on eight counts.
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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.
