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Fiduciary Rule Lawsuits

Several retirement industry trade groups and the U.S. Chamber of Commerce have filed legal challenges to the DOL’s fiduciary rule enacted earlier this year, applying to brokers and registered investment advisers serving Americans with IRAs and 401(k) plans. These organizations are requesting that the court review whether the DOL exceeded its authority through the creation of a rule that will cause Americans to have fewer “retirement choices, higher costs, and reduced access to financial advice.”; June 2, 2016.