The U.S. Chamber of Commerce and industry groups are urging a Texas federal judge to block an Obama-era retirement advice rule pending an appeal and as federal regulators consider halting implementation of the rule for 60 days.
U.S. District Judge Barbara M.G. Lynn on Feb. 8 upheld the Labor Department’s so-called “fiduciary rule,” saying Congress gave regulators “broad discretion” to confront conflicts of interest and to protect retirement investors. The U.S. Chamber and other plaintiffs, including the Securities Industry and Financial Markets Association and the Financial Services Institute, took their challenge to the U.S. Court of Appeals for the Fifth Circuit.
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