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DOJ, DOL considering dropping defense of fiduciary rule

Time:2017-02-08 20:23Shoes websites Click:

Retirement legal DOL Fiduciary Rule

Are the Departments of Justice and Labor going to stop defending the Texas fiduciary rule case? (Photo: AP)

Are the Departments of Justice and Labor going to stop defending the Texas fiduciary rule case? (Photo: AP)

The long-awaited ruling from a Texas federal court on the legality of the Labor Department’s fiduciary rule may be relegated to the dustbin of history before anyone reads the decision.

According to Erin Sweeney, a Washington, D.C.-based attorney with Miller & Chevalier, the Departments of Justice and Labor intend to stop defending the case and are in settlement discussions with plaintiffs and the court.

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Options for rule’s proponents

 

There is precedent for the government to stop defending lawsuits under Presidential instructions.

Notice to delay April 10 implementation date

 

Absent from President Trump’s memorandum instructing the Labor Department to undertake a new economic and legal analysis of the fiduciary rule was a directive to delay the April 10 implementation date. That language was also removed from an earlier draft of the memo.

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