Legal

The Financial Services Institute disputed the Department of Labor's cost analysis of the proposed fiduciary rule.

PriceWaterhouse Coopers analysts say the DOL fiduciary rule will be finalized early next year. But before that, the DOL will have significant work refining the proposals exemptions and carve outs.

A lawsuit brought by fiduciaries of plans sponsored by Severstal Wheeling, alleged that investment manager WPN Corp. and its principal, Ronald LaBow, breeched its obligation under the Employee Retirement Income Security Act to adequately diversify plan assets.

Don Trone testified that he opposed the DOL fiduciary rule and that it wouldn't have stopped Ponzi schemer Madoff.

Citigroup units made false and misleading statements to investors about the funds, the SEC said. In settling the matter, Citigroup neither admitted nor denied the SECs allegations.

At the Department of Labors open public meeting, Empower Retirement's president voiced concerns over the proposed fiduciary rule's education carve out.