BREAKING NEWS

US Labor Dept prevails in legal challenge to 'fiduciary' rule

By REUTERS

FEBRUARY 9, 2017 00:05

WASHINGTON - A US District Court judge on Wednesday upheld a controversial Labor Department "fiduciary" rule governing retirement investment advice, in a stunning defeat for the business and financial services groups that had sought to overturn it.

In a stinging 81-page ruling, Chief Judge Barbara Lynn for the US District Court for the Northern District of Texas rejected all of the business groups' arguments, saying the Labor Department did not exceed its legal authority and conducted a proper economic analysis to justify the rule.

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