A federal district court judge in Florida struck down a portion of guidance the US Labor Department issued in 2021 that expanded the definition of a retirement plan fiduciary to cover financial advisers providing first-time advice.
The US District Court for the Middle District of Florida granted the American Securities Association’s motion for summary judgment in part, ruling that a portion of the department’s frequently-asked-questions guidance illegally widened its regulatory goalposts, and failed to comply with the agency’s own regulations.
It’s a major blow to the department’s Employee Benefits Security Administration, which sought to extend its reach into the retirement ...