Texas judge denies emergency request to block DOL fiduciary rule

March 23, 2017 by Melanie Waddell

The judge overseeing the lawsuit filed by nine plaintiffs in Texas against the Department of Labor’s fiduciary rule denied an emergency request by the groups to stop the rule from taking effect while they take their case to the U.S. Court of Appeals for the Fifth Circuit.

Judge Barbara M.G. Lynn ruled Monday that the plaintiffs — which include the U.S. Chamber of Commerce, the Securities Industry and Financial Markets Association and the Financial Services Institute — failed to satisfy the requirements for an injunction pending appeal.

The decision came two days before R. Alexander Acosta is scheduled for his confirmation hearing to become secretary of Labor.

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Originally Posted at LifeHealthPro on March 22, 2017 by Melanie Waddell.