Groom principal Allison Itami was quoted by Bloomberg Law in the article, “Regulators Face Daunting Court Precedent With 401(k) Advice Rule,” where she shared her thoughts on the Department of Labor’s (“DOL”) latest efforts to redefine fiduciary responsibility, particularly as it relates to investment advice and as impacted by relevant court rulings. Groom’s coverage of these latest efforts can be found in our alert here.
“I think it’s going to be hard for the Labor Department to get where they’re wanting to go in light of the Fifth Circuit and these other ruling,” Itami said. “Perhaps they will take the position that the courts were wrong, but they’re going to have to build a solid regulatory framework to support a broader fiduciary interpretation.”
To read the article, click here.