A coalition of nine major business and financial industry groups filed a lawsuit in the U.S. District Court in Texas challenging the Department of Labor's fiduciary rules. The coalition includes the U.S. Chamber of Commerce, Financial Services Roundtable and the Securities Industry and Financial Markets Association. The groups had fought for years to derail the regulatory effort, arguing it would be burdensome and make it impossible to provide retirement advice for some investors. The suit claimed DOL overstepped its bounds by crafting the new rules and that instead, the SEC should have led any such rule-making effort. The fiduciary rules would require investment advisers providing retirement advice to act solely in the clients' interest.
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