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New Court Ruling Puts Workers, Retirees on The Back Burner
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Mar. 21, 2018 | PENSIONS | Big business beat the nation’s workers, retirees and savers in federal court as the Fifth U.S. Circuit Court of Appeals has tossed out the Labor Department’s fiduciary rule – the one that requires your pension and IRA advisors to put your interests first. The 2-1 decision by a panel of the judges on March 15 upset the National Consumers League, one of many consumer groups which lobbied for the rule, handed down during the Obama administration. The court, “with Chief Justice Carl Stewart offering a spirited dissent, issued a legally flawed decision that undoes a critically important Labor Department rule intended to protect the financial interests of retirees and other investors,” said NCL Executive Director Sally Greenberg. “Simply put, the DOL rule requires financial advisors to put the interests of their clients first. …” People’s World
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