DOL Seeks Dismissal in Retirement Fiduciary Rollover Advice Suit

The US Labor Department asked a federal court to reject a lawsuit from the American Securities Association over guidance it issued last year on retirement plan rollover advice.

The trade association representing wealth management and financial services firms doesn’t have standing to sue, the DOL argued at the U.S. District Court for the Middle District of Florida June 24. Its complaint and subsequent motion for summary judgment failed to prove members were harmed by frequently asked questions and answers the Employee Benefits Security Administration published in April 2021.

ASA sued the department for violating the Administrative Procedure Act (Pub.L. ...