Trump, Wall Street, Strive to Make Securities Fraud Great Again
A federal judge in Dallas said Wednesday that the Department of Labor had acted within its authority when it created an investor-friendly rule set to be implemented April 10.
In an occasionally biting 81-page opinion, Chief Judge Barbara Lynn of the U.S. District Court for the Northern District of Texas upended the arguments of nine pro-business groups who had sued the DOL over its so-called fiduciary rule. The crux of industry’s outrage: That the agency wants financial salespeople giving advice on retirement accounts to put clients’ interests ahead of their own.
Surely we can’t allow something like that.
It’s the third federal court to give its blessing to the rule, but the financial industry, with the help of the Donald J. Trump administration and others, is arguing with a straight face that acting in clients’ best interests would somehow be against clients’ best interests.
moresnot, westerebus, Downwinder and 3 othersdonDonE, mmonk, PennLawyer like this"But nothing ever changes unless there's some pain" - Tears For Fears "Goodnight Song"
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