Texas judge Barbara Lynn ruled in favor of the Department of Labor (DOL) and against the plaintiffs Feb. 8 regarding a cross-motion for summary judgment on the DOL’s “fiduciary rule,” which would redefine when financial professionals must act in accordance with fiduciary standards and implement new provisions intended to eliminate conflicts of interest.
The ruling came mere hours after DOL attorneys filed to stay the proceedings until the department submitted a status review regarding the rule, as directed by President Donald Trump in a Feb. 3 memorandum.
Read on to learn more about the case, the plaintiffs and on what grounds both sides based their arguments.