WASHINGTON, DC — The federal district judge’s decision on Wednesday supporting the fiduciary rule in retirement savings will blunt efforts to overturn the Department of Labor’s (DOL) consumer-oriented rule, AARP said today.
The federal district court in Dallas, Texas rejected every claim made by numerous financial trade groups that retirement advice in the best interest of retirement savers – also known as fiduciary duty – could not be required by DOL. The Texas court firmly supported the fiduciary duty standard and swept away the arguments made by the financial groups.
This decision is the third by a federal court in recent months agreeing that the DOL can require financial advice for retirement savers to meet a fiduciary standard. No court has ruled otherwise.
“These are significant victories for investors across the country,” said Nancy LeaMond, AARP Executive Vice President. “Retirement savers should be able to get retirement investment advice in their best interest, not the interest of Wall Street.”
The federal district court in Dallas, Texas rejected every claim made by numerous financial trade groups that retirement advice in the best interest of retirement savers – also known as fiduciary duty – could not be required by DOL. The Texas court firmly supported the fiduciary duty standard and swept away the arguments made by the financial groups.
This decision is the third by a federal court in recent months agreeing that the DOL can require financial advice for retirement savers to meet a fiduciary standard. No court has ruled otherwise.
“These are significant victories for investors across the country,” said Nancy LeaMond, AARP Executive Vice President. “Retirement savers should be able to get retirement investment advice in their best interest, not the interest of Wall Street.”