News | 10.09.19
Lower Court Says 2nd Circuit Should Decide Regulation Best Interest Lawsuits
Due to a self-declared lack of subject matter jurisdiction, the U.S. District Court for the Southern District of New York has dismissed a consolidated lawsuit seeking to halt the implementation of the SEC's Regulation Best Interest (Reg BI). The ruling notes that motions have already been filed by the parties in the appropriate appellate court—in this case the 2nd U.S. Circuit Court of Appeals. Claims in the consolidated lawsuit, which includes as plaintiffs both private fiduciary advisors as well as a group of state attorneys general, suggest Reg BI fails to meet the clear demands established by Congress in the Dodd-Frank Act.
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