FACC v. DOL Brief July 15, 2022

This lawsuit presents the question of whether the DOL will be permitted to make an end run around a judgment rendered by the United States Court of Appeals for the Fifth Circuit. Through a strained reinterpretation of a long-standing regulation, the DOL has reinstated substantive elements of the 2016 Fiduciary Rule, which was emphatically struck down in its entirety by the Fifth Circuit in 2018. The question presented in this lawsuit is, at its core, whether the DOL may circumvent that ruling to the detriment of financial services providers across the nation and the clients they serve.