Plaintiffs: Proposed Rule Undermines DOL’s Position In ERISA Fiduciary Test Row

Mealey's (December 5, 2023, 9:43 AM EST) -- DALLAS — A proposed rule from the U.S. Department of Labor (DOL) “highlights the disingenuousness of the DOL’s denials” in a case concerning what had been called the DOL’s “new interpretation” of a test for whether financial professionals are acting as investment advice fiduciaries under the Employee Retirement Income Security Act, plaintiffs tell a Texas federal court in a Dec. 4 brief....