AARP, States File to Intervene in DOL Fiduciary Appeal
“AARP is not giving up on our fight to make sure that hard-earned retirement savings have strong protections," said AARP's LeaMond.
April 26, 2018 at 11:18 AM
1 minute read
AARP along with state attorneys general from California, Oregon and New York filed motions Thursday to intervene in an appeals court ruling to vacate the Labor Department's fiduciary rule.
The groups asked the U.S. Court of Appeals for the 5th Circuit for a rehearing en banc — before all the judges of the court. A three-judge panel ruled 2-1 to vacate the rule.
DOL has until April 30 to appeal the 5th Circuit's ruling. AARP states in its filing that it “has concerns that DOL itself might not request a rehearing.”
Nancy LeaMond, AARP's chief advocacy and engagement officer, said in a statement that “AARP is not giving up on our fight to make sure that hard-earned retirement savings have strong protections from conflicts and hidden fees. Many financial advisors already give advice with the public's best interests in mind. But the recent court decision allows some financial advisors to provide guidance based on what's best for their pocketbooks, not the consumers.'”
This story was originally published at ThinkAdvisor.
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