Fiduciary Rule Advice Lawsuit in Texas Lacks Standing, DOL Says

The US Labor Department asked a federal court in Texas to reject a consumer choice group’s lawsuit over a Trump-era retirement advice exemption.

The Federation of Americans for Consumer Choice Inc. failed to demonstrate that it had been harmed by a 2020 fiduciary exemption that slapped financial advisers with a higher standard of care in order to profit from their financial advice, the department told the US District Court for the Northern District of Texas this week.

Two insurance provider affidavits that the consumer choice group filed in support of its February complaint only demonstrated opinions about the regulatory framework ...