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,

Below is the response from DOL, as a defendant, opposing the motion from FACC for a preliminary injunction that would suspend enforcement of the fiduciary rule. Here is an excerpt from the defendants’ filing: “Plaintiffs—insurance professionals and a trade association representing insurance professionals—seek a preliminary injunction and stay of the

Before the Court is Plaintiffs’ agreed motion for leave regarding page limits and for a briefing schedule on their motion for a preliminary injunction. Docket No. 7. The Court GRANTS the motion. Plaintiffs’ motion for a preliminary injunction (Docket No. 8) is accepted as filed.

Below is FACC’s motion for a Preliminary Injunction suspending the enforcement of the DOL fiduciary rule and brief.

The Hispanic Leadership Fund (“HLF”) has a strong interest in this case. DOL’s latest rule redefining who is an investment advice fiduciary (“2024 Fiduciary Rule”) is effectively the same as the very harmful 2016 Fiduciary Rule that was invalidated in a 2018 decision by the United States Court of Appeals