Suit filed Against DOL Fiduciary Regulations

The Chamber of Commerce along with other groups has filed a challenge to various parts of the Department of Labor’s conflict of interest final regulations.

Document Excerpt

This lawsuit asserts claims under the Administrative Procedure Act (“APA”), 5 U.S.C. § 500 et seq., and the First Amendment to the United States Constitution, challenging a rule (“Fiduciary Rule” or “Rule”) and related “prohibited transaction exemptions” (“PTEs”) recently promulgated by the U.S. Department of Labor (“DOL” or “Department”).1 The Rule and PTEs overstep the Department’s authority, create unwarranted burdens and liabilities, undermine the interests of retirement savers, and are contrary to law.

Link
http://www.chamberlitigation.com/sites/default/files/cases/files/16161616/DOL%20Fiduciary%20Rule%20Complaint.pdf

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