June 2, 2016 | By John Hilton | InsuranceNewsNet.com
Editor’s Note: Check back for updates, as we will be breaking down the entire 74-page complaint and getting expert opinion.
Nine groups, led by the U.S. Chamber of Commerce filed an expected lawsuit Wednesday in a bid to stop the Department of Labor fiduciary rule.
The lawsuit was filed in U.S. District Court Northern District of Texas. The 74-page complaint is filed against Labor Secretary Thomas Perez and the DOL. Plaintiffs ask the court to immediate vacate and set aside the rule.
“An injunction would also serve the public interest by averting harm to the operation and viability of financial services companies that are an important part of the U.S. economy,” the complaint reads.
The Blue Vault Summit could not have been more perfectly timed. This gathering of the Broker Dealer and Sponsor communities provided insightful and open discussion from several vantage points. These conversations are paramount, especially in a time of significant regulatory change.