Since the U.S. Department of Labor secured favorable rulings from two federal judges preserving its new fiduciary rule, which is aimed at curbing retirement investment advisers’ potential conflicts, many lawyers’ eyes are trained on a third judge: U.S. District Chief Judge Barbara Lynn of the Northern District of Texas, before whom a challenge of the proposed regulation is pending.
But at the end of a hearing in mid-November, Lynn made comments that might mean she will not issue a ruling for months, and that it would not precede the proposed April 10, 2017, effective date for the DOL rule.
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