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November 4, 2016

In a Huge Victory for Americans Saving for Retirement, Court Rejects Industry’s Attempt to Kill DOL’s "Best Interest" Fiduciary Rule

FOR IMMEDIATE RELEASE
Friday, November 4, 2016
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Steve Hall, Legal Director for Better Markets, issued this statement following a decision by the U.S. District Court for the District of Columbia upholding the Department of Labor’s new “best interest” fiduciary duty rule:

“In the first legal battle over the Department of Labor’s ‘best interest’ fiduciary duty rule, the court rejected all the industry’s baseless arguments. This is a huge victory for all Americans saving for a safe and secure retirement.  The decision issued today is thorough, well-reasoned, and clear.  The court carefully examined all of the plaintiff’s arguments and found all of them to be meritless.  The message is clear: the industry’s never-ending effort to undermine this long-overdue, carefully considered, and well-crafted rule requiring financial advisers put their clients’ best interests first when giving retirement investment advice will not prevail.” 

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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