Law360Quotes Investment Management Counsel on Challenges to DOL’s Fiduciary Rule

An article published by Law360 on June 2 reports on the lawsuit challenging the Department of Labor fiduciary rule, filed by a consortium of industry groups. The DOL overstepped its authority, has infringed on the purview of the SEC, and violates the First Amendment right to free speech, claim the group. But, though unusual, these arguments are not new, stated investment management counsel David Tittsworth (Washington, D.C.). Mr. Tittsworth highlights that these were previously advanced by Eugene Scalia in a comment letter, noting it was explicitly stated there that the DOL’s proposal encroached on the jurisdiction of the Commission. “I don’t think that this will necessarily be the only lawsuit,” noted Mr. Tittsworth. Subsequently a second dispute has been filed by the National Association for Fixed Annuities.