Texas Judge Receptive to Insurer Bid to Pause 401(k) Advice Rule

A federal judge appeared open to an insurance group’s request for a temporary freeze of the US Labor Department’s new 401(k) advice rule, asking parties at a Tuesday hearing how broadly a possible injunction would be applied.

Life insurance groups think implementation of the new fiduciary standard should be blocked universally for all parties who would be impacted, according to Donald Colleluori of Figari + Davenport LLP, counsel for the Federation of Americans for Consumer Choice, which is challenging the rule.

Judge Jeremy Kernodle, a Trump appointee, asked at the hearing in a Tyler, Texas, courtroom whether a carve-out halting ...