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The DOJ is urging a Washing federal judge to reject NAFA’s DOL fiduciary rule challenge. (Photo: iStock)
The U.S. Justice Department is urging a Washington federal judge to reject a challenge to a sweeping new rule that requires investmentadvisors to work in their clients’ best interests — a heightened standard aimed at protecting retirement savers from billions of dollars in fees.
The National Association for Fixed Annuities, represented by a team from Bryan Cave, sued the U.S. Labor Department in June. The complaint alleges that the DOL strayed outside its authority in abandoning a 40-year-old regulatory framework for retirement advice — the Employee Retirement Income Security Act.
DOJ said in its papers Friday that, as the market for retirement investment advice has evolved in the last four decades, it has become rife with conflicts of interest costing clients billions of dollars.
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