Two Texas federal court decisions have stalled the U.S. Department of Labor’s (“DOL”) “investment advice fiduciary rule” under Section 3(21) of the Employee Income Security Act of 1974, as amended (the “Fiduciary Rule”) from its September 23, 2024 effective date
Two Texas District Courts Rule DOL Exceeded Its Authority in Defining “Fiduciary”
Federation of Americans for Consumer Choice, Inc. v. United States Dep’t of Labor, No. 6:24-cv-163-JDK, __ F. Supp. 3d __, 2024 WL 3554879 (E.D. Tex. Jul. 25, 2024) (Judge Jeremy D. Kernodle)
Two Texas District Courts Issue Orders Delaying the Effective Date of DOL Fiduciary Rule and Related Amendments to Seven Prohibited Transaction Exemptions
Seyfarth Synopsis: Orders issued by the Eastern District of Texas on Thursday July 25 and the Northern District of Texas on Friday July 26 indefinitely delayed the September 23, 2024 effective date of the Department of Labor’s revised regulation defining
The Never-Ending Fiduciary Rule Story Continues: Effective Date of DOL’s Newest Fiduciary Investment Advice Rule Delayed by Federal Court in Texas
Update: Following the U.S. District Court for the Eastern District of Texas’s stay of the Final Rules and related amendments to PTE 84-24 in Fed’n of Americans for Consumer Choice (discussed below), the very next day the U.S. District Court
Who’s a Fiduciary? First Challenge of the DOL Investment Advice Fiduciary Final Rule
The Department of Labor has issued final regulations broadening who qualifies as a fiduciary under ERISA. Retirement Security Rule: Definition of an Investment Advice Fiduciary, §2510.3-21, 29 CFR Part 2510, RIN 1210-AC02, April 25, 2024.Already Being ChallengedThe regulations are