08.27.24

DOL Fiduciary Rule Battle Has Just Begun

by: Melanie Waddell

The decisions by two federal district courts in Texas to delay the Sept. 23 implementation of the U.S. Department of Labor’s fiduciary rule and its exemptions are “a very significant set of court decisions,” says Brad Campbell, partner at Faegre Drinker. “But it’s also technically just the first step in a litigation process that is going to be playing out for the next however many months and/or years it takes the courts to play it out.” With the Sept. 23 partial compliance date, many firms were hitting the “compliance gas pedal,” notes Campbell. In both decisions, the language used “was kind of unusual,” Campbell admits. “In these sorts of preliminary motions, you don't ordinarily see the judge say things, like one of them did, that the parties are virtually certain to prevail on the merits when they granted the stay.”

Read the full article on Think Advisor