Bloomberg Law
June 2, 2022, 2:18 PMUpdated: June 2, 2022, 7:32 PM

ForUsAll Launches First Crypto Guidance Lawsuit Against DOL (1)

Austin R. Ramsey
Austin R. Ramsey

The US Labor Department is being called to task in federal court for its recent strongly worded guidance advising 401(k) plans against cryptocurrency investments.

San Francisco-based plan provider ForUsAll Inc. filed a lawsuit against the department Thursday, claiming regulators breached their statutory purview by threatening “an investigative program” aimed at plan sponsors that offer digital assets through their core plan lineup or self-directed brokerage accounts.

The complaint, filed in the US District Court for the District of Columbia, claims the DOL violated the Administrative Procedure Act (Pub.L. 79–404) by arbitrarily and capriciously instituting what amounts to a ban ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn About Bloomberg Law

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.