Federal judge tosses out portion of DOL rollover advice guidance
February 22, 2023 by John Hilton
Financial advisors providing first-time advice in a plan rollover setting will not be considered fiduciaries – at least for the time being.
A federal district court judge in Florida sided with an industry trade group Monday in striking down a portion of guidance the Department of Labor issued in 2021 that expanded the definition of a retirement plan fiduciary.
The District Court for the Middle District of Florida granted the American Securities Association’s motion for summary judgment one year after the lawsuit was filed.
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