As you might recall, Finseca, along with several other partners, are engaged in litigation to challenge the Department of Labor’s fiduciary-only rule. We are grateful that the United States District Court for the Northern District of Texas agrees with us and has decided that the Department of Labor’s fiduciary-only regulation should be put on hold. 

“Plaintiffs are virtually certain to succeed on the merits. . . . [T]he Court fully agrees with the analysis of the [merits] in the FACC case and fully adopts that reasoning here. . . . As a whole, Defendants arguments are nothing more than an attempt to relitigate the Chamber decision. Because the Fifth Circuit’s Chamber decision unambiguously forecloses all of Defendant’s arguments, the Court need not repeat why those arguments fail here.” 

You can read the full filing here. 

This is an incredibly important step in the process. Join us on Thursday, August 1, at 3 p.m. ET, as we host a Discussion Forum for members with Armstrong Robinson, Finseca's Chief Advocacy Officer, and Brad Campbell, Partner at Faegre Drinker Biddle & Reath LLP, to update and explain the current situation and next steps. Register here.