In the News

Title

Lawsuit against DOL fiduciary rule seen as 'weak' by some observers

Document Type

Article

Publication Date

6-2-2016

Abstract

Opponents have finally filed an anticipated lawsuit challenging the Labor Department's rule to raise investment advice standards for retirement accounts, but some observers say arguments levied against the regulation are flimsy and exaggerated. “There are still some serious questions about the Department of Labor's authority to regulate to the extent they did with the new Conflict of Interest Rule, but many of the arguments in the complaint filed by the Chamber of Commerce look weak at best,” said Jamie Hopkins, an attorney and a professor at The American College of Financial Services.