Prepare Forcefields Against DOL Lawsuits, Lawyers Say
June 7, 2016 by John Hilton
WASHINGTON, D.C. — Lawsuits will be inevitable under the Department of Labor’s new fiduciary rule but the insurance and securities industries will be able to set the stage to withstand them, according to panelists at the Insured Retirement Institute’s Government, Legal and Regulatory Conference on Monday.
The DOL rule places new regulatory burdens on the sale of annuities and investment products within qualified retirement plans and IRAs. It adds hefty disclosures and commits the advisor to a “best interest” standard of care. It also opens the door for lawsuits from dissatisfied clients.
Speaking as part of a panel on litigation risks, litigator Phillip Stano said the industry has a golden opportunity to shape the landscape.
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