Industry opponents urge appeals court to rule on DOL fiduciary rule
December 11, 2017 | Mark Schoeff Jr. | InvestmentNews
Financial industry opponents of the Labor Department’s fiduciary rule are urging an appeals court to rule on their case, despite the fact that major parts of the regulation won’t be implemented until 2019.
In a Dec. 8 letter to the U.S. Court of Appeals for the Fifth Circuit, the plaintiffs in a lawsuit against the rule said the delay of the regulation should not hold up their appeal, because parts of the rule have already been implemented.
“In light of ongoing compliance burdens, appellants submit this response to clarify that the delay rule does not diminish the urgency of this appeal,” wrote David W. Ogden of the law firm Wilmer Hale on behalf of the American Council of Life Insurers and other plaintiffs.
