The financial services industry, the U.S. Chamber Of Commerce and other Wall Street-affiliated groups have filed a legal challenge to the U.S. Department of Labor’s new rule on retirement advice, the groups said on Thursday.
The lawsuit, filed late Wednesday at the U.S. District Court in Dallas, challenges the fiduciary standard rule that requires financial brokers who sell retirement products to put clients’ best interests ahead of the firm’s bottom line.
The Labor Department rule “makes saving for retirement more difficult for the very same savers it seeks to protect,” said the Securities Industry and Financial Markets Association (SIFMA), a plaintiff in the lawsuit, in a statement.
Other plaintiffs include the Financial Services Institute, Financial Services Roundtable and Insured Retirement Institute.
– The Fiscal Times