Trial Lawyers Want to Defend Fiduciary Rule in Court

Industry groups that support the Labor Department’s fiduciary rule came out swinging in new legal briefs, one of which offers to defend in court a key provision of the rule that the DOL is no longer defending (Chamber of Commerce v. U.S. Dep’t of Labor, 5th Cir., No. 17-10238, amicus briefs filed 7/6/17).

The American Association of Justice, a nonprofit group representing plaintiffs’ lawyers, fired back at the department’s July 3 decision to drop its defense of the fiduciary rule’s anti-arbitration condition, a condition aimed at preventing financial advisers from insulating themselves from class litigation. In its brief ...