The U.S. Justice Department is urging a Washington federal judge to reject a challenge to a sweeping new rule that requires investment advisors to work in their clients’ best interests—a heightened standard aimed at protecting retirement savers from billions of dollars in fees.
The National Association for Fixed Annuities, represented by a team from Bryan Cave, sued the U.S. Labor Department in June. The complaint alleges that the DOL strayed outside its authority in abandoning a 40-year-old regulatory framework for retirement advice—the Employee Retirement Income Security Act.
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