A group representing insurers and the Department of Labor jointly agreed to dismiss a lawsuit over the agency’s 2020 guidance on the definition of a fiduciary.
The DOL and the Federation of Americans for Consumer Choice entered into a joint stipulation to dismiss the lawsuit without prejudice, FACC said Monday. FACC had sued in 2022 over the 2020 guidance, which reinterpreted a decades-old five-part test for determining fiduciary status for retirement accounts and applied tougher standards to rollover recommendations.
The lawsuit was rendered moot after the DOL vacated a Biden administration fiduciary rule and withdrew the 2020 guidance at the ...
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