Dallas judge upholds DOL fiduciary rule
In an 81-page ruling, Chief Judge Barbara M.G. Lynn of the Northern District of Texas, shot down each of the major arguments submitted by industry trade groups
Feb 8, 2017 @ 5:11 pm | by Mark Schoeff Jr. | InvestmentNews.com
A Dallas federal judge upheld the Labor Department’s fiduciary rule on Wednesday, dealing a crushing setback to financial industry attempts to kill the measure.
In an 81-page ruling, Chief Judge Barbara M.G. Lynn of the Northern District of Texas, granted summary judgment to the DOL. She shot down each of the major arguments submitted by the plaintiffs, a group of nine financial industry trade groups including the U.S. Chamber of Commerce, the Securities Industry and Financial Markets Association, the Financial Services Institute, the Financial Services Roundtable and the Insured Retirement Institute.
The ruling comes on the same day that the Department of Justice asked for a stay in the Dallas court proceedings. Ms. Lynn denied the motion a few hours after it was filed.
