Last week, the Financial Services Institute (FSI) and Securities Industry and Financial Markets Association (SIFMA) joined a federal lawsuit filed in May in the Northern District of Texas, seeking to strike down the recently finalized Department of Labor (DOL) rule that unlawfully expands the definition of a "fiduciary" and jeopardizes investors' access to advice and education.
The two securities trade groups joined a lawsuit filed by the American Council of Life Insurers, the Insured Retirement Institute and seven other trade groups that were seeking to overturn the DOL's fiduciary rule finalized April 23 because it "undermines the expertise of state authorities who are responsible for overseeing annuities."
In a group statement, the associations said the 2024 version of the fiduciary rule suffers the same legal defects as the department's 2016 fiduciary rule because it exceeds the department's authority, is arbitrary and capricious, and is unconstitutional.
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Lynn Cavanaugh
Lynn Varacalli Cavanaugh is Senior Editor, Retirement at BenefitsPRO. Prior, she was editor-in-chief of the What's New in Benefits & Compensation newsletter. She has worked for major firms in the employee benefits space, Vanguard and Willis Towers Watson, as well as top media companies, including Condé Nast and American Media.
