Home \ Newsroom \ In a Huge Victory for Americans Saving for Retirement, Court Rejects Industry's Attempt to Kill DOL's "Best Interest" Fiduciary Rule

In a Huge Victory for Americans Saving for Retirement, Court Rejects Industry's Attempt to Kill DOL's "Best Interest" Fiduciary Rule

FOR IMMEDIATE RELEASE
Friday, November 4, 2016
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Steve Hall, Legal Director for Better Markets, issued this statement following a decision by the U.S. District Court for the District of Columbia upholding the Department of Labor’s new "best interest" fiduciary duty rule:

“In the first legal battle over the Department of Labor’s 'best interest' fiduciary duty rule, the court rejected all the industry's baseless arguments. This is a huge victory for all Americans saving for a safe and secure retirement.  The decision issued today is thorough, well-reasoned, and clear.  The court carefully examined all of the plaintiff’s arguments and found all of them to be meritless.  The message is clear: the industry's never-ending effort to undermine this long-overdue, carefully considered, and well-crafted rule requiring financial advisers put their clients’ best interests first when giving retirement investment advice will not prevail." 

 ###

Article Keywords:

Share This Article: