Lawyers who attended the oral arguments Thursday in a Texas federal district court in the case challenging the U.S. Labor Department’s fiduciary rule had differing views about which way U.S. District Judge Barbara M.G. Lynn was leaning.
“I think she gave DOL a very hard time,” Erin Sweeney, counsel at Miller & Chevalier, told ThinkAdvisor on Friday. Lynn gave signs of potentially leaning to vacate DOL’s rule, Sweeney said. Lynn, she said, “was very troubled by the fact that DOL, to reach its conclusion about annuities, relied on studies that only addressed mutual funds.”
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