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

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.

Testifying on the DOLs fiduciary proposal, the head of the Public Investors Arbitration Bar Association told how blurry the line between fiduciary and broker has become, detailing horror stories of retiree investments lost.

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

During testimony over the Department of Labors proposed fiduciary rule, the American Benefits Council testified against the proposed fiduciary standard, saying employers would stop trying to engage and educate employees as to their benefits choices.

An attorney representing himself before the panel hearing testimony on the Department of Labor's proposed fiduciary rule said providers are ready to walk away from smaller accounts rather than comply with the proposals Best Interest Contract Exemption.

The DOL-proposed fiduciary standards are taking heavy flak from financial companies and trade groups during testimony this week.

The Consumer Federation of America has targeted 3 arguments made by the financial industry against the proposed DOL fiduciary standard.