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Fiduciary rule advocates call Labor’s flip on class-action waivers unjustified

The DOL says it will no longer defend the fiduciary rule's restriction on class-action waivers.

By Nick Thornton | Updated on July 11, 2017
The DOL says it will no longer defend the fiduciary rule's restriction on class-action waivers. (Photo: iStock)

A consortium of consumer advocate groups says the Labor Department’s decision to drop its defense of the fiduciary rule’s restriction on class-action waivers is “without justification.”

In court documents filed with the 5th Circuit Court of Appeals last week, government attorneys said they would no longer defend one claim in the most wide-ranging of lawsuits seeking an injunction of the fiduciary rule. The claim? That the provision in the rule’s Best Interest Contract Exemption prohibiting class-action waivers violates the Federal Arbitration Act.

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Nick Thornton

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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