Vacating Part Of DOL’s New Interpretation Recommended In Fiduciary Status Row

Mealey's ( July 3, 2023, 3:56 PM EDT) -- DALLAS — Suggesting a finding that the “new interpretation” of a U.S. Department of Labor (DOL) test for whether financial professionals are acting as investment advice fiduciaries under the Employee Retirement Income Security Act “narrowly conflicts with ERISA and the DOL’s own regulations,” a Texas federal magistrate judge on June 30 recommended vacating parts of that interpretation....