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June 3, 2016

Wall Street’s Desperate, Shameless Lawsuit to Protect Profits Over Its Clients’ Best Interests

FOR IMMEDIATE RELEASE
Thursday, June 2, 2016
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement on a lawsuit filed by Wall Street’s biggest trade groups and allies (including the Securities Industry and Financial Markets Association, the Financial Services Roundtable, and the U.S. Chamber of Commerce) challenging the Department of Labor’s (DOL’s) best interest fiduciary duty rule:

“If Wall Street really cared about Main Street it would already act in its clients’ best interest, rather than secretly pocketing tens of billions of dollars from hardworking Americans just trying to save for a decent retirement.  After spending five years and tens of millions of dollars fighting against the DOL’s rule, this lawsuit is Wall Street’s desperate, last-ditch effort to kill it.  They don’t want this long-overdue, carefully-considered, and well-crafted rule to require them to do what they should have been doing all along:  put their clients’ best interests first when giving retirement investment advice.      

“Adding insult to injury, Wall Street is attacking the rule in court, while shamelessly asking the court to slam the door on retirement savers and force them into unfair, biased industry arbitration forums when they are ripped off by Wall Street’s unscrupulous advisers.  In addition, Wall Street is brazenly attempting to shop for a favorable court by filing the lawsuit in Federal District Court in Dallas, Texas, where the Fifth Circuit Court of Appeals is believed to be especially friendly to businesses rather than consumers and investors.”

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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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