(Harvest) We’ve seen several legal challenges to the DOL fiduciary rule. How are these challenges playing out, and what do they mean for financial advisors? On June 7, 2016, the U.S. Department of Labor (DOL) put the final rule redefining an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) into effect. Since then, six lawsuits in four federal courts have been filed against the DOL. The goal? To vacate the new fiduciary rule in whole or at least in part.
A Summary of Legal Actions Against the DOL Fiduciary Rule
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