The retirement industry trade group that lost its court case in Texas against the Department of Labor’s fiduciary rule has filed an appeal today in the U.S. Court of Appeals for the Fifth Circuit.
The U.S. Chamber of Commerce and its co-plaintiffs appealed the ruling of Chief Judge Barbara Lynn of the Northern District of Texas that upheld the fiduciary rule. The group had challenged the DOL’s authority on eight counts, all of which Judge Lynn rejected in her 81-page ruling.
The Chamber’s co-plaintiffs include the Insured Retirement Institute, the Securities Industry and Financial Markets Association, and the Financial Services Roundtable, among others.
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