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Labor Department Prevails in Legal Challenge to 'Fiduciary' Rule
Judge Barbara Lynn for the U.S. District Court for the Northern District of Texas on Wednesday upheld the Labor Department's controversial "fiduciary" rule governing retirement investment advice. The stinging 81-page ruling was a stunning defeat for the business and financial services groups that had sought to overturn it, including: U.S. Chamber of Commerce, Financial Services Institute, Financial Services Roundtable, Insured Retirement Institute, SIFMA.
Chief Judge Lynn rejected all of the business groups' arguments, saying the Labor Department did not exceed its legal authority and conducted a proper economic analysis to justify the rule.
The ruling in the Labor Department's favor came just a few hours after the Justice Department had petitioned the court to stay issuing a ruling because of a February 3rd White House request to review the rule to determine if it should be revised or scrapped. Lynn denied that request shortly after her ruling was filed.
The judge's ruling marks a severe reproach to President Donald Trump, who just last week issued a memorandum that directed the Labor Department to go back and conduct a legal and economic analysis of the rule.
