“The parties respectfully request that the two appeals be consolidated solely for purposes of briefing and oral argument. Consolidation would promote judicial economy, as both appeals concern the validity of the same final rule promulgated by DOL, and plaintiffs in the two appeals assert similar claims. See Fed. R. App. P. 3(b)(2) (“When . . . parties have filed separate timely notices of appeal, the appeals may be joined or consolidated by the court of appeals.”).”

Late Friday night, July 26th, Judge O’Connor of the Northern District of Texas issued a decision in the Joint Trades lawsuit granting a stay of the Rule’s effective date, agreeing that “Plaintiffs are virtually certain to succeed on the merits.” The stay is not limited to the parties and applies nationwide.

FACC is pleased with and grateful for Judge Kernodle’s decision to stay the DOL’s rule.

“Plaintiffs’ Motion details the multiple ways in which the 2024 Fiduciary Rule runs afoul of the Fifth Circuit’s decision in Chamber of Commerce of United States of Am. v. United States Dep’t of Labor, 885 F.3d 360, 388 (5th Cir. 2018). Unable to mount a credible argument to the contrary,