The DOL has been inundated with legal challenges from all sides over the last year. At first it was opponents of the rule challenging the DOL’s authority, while much more recently it has been those opposed to the DOL’s delay of the implementation date. Well, the Department looks set to win one of the old challenges to its authority. Thrivent Financial has been pushing a case which tries to eliminate the rule, but the DOL is now requesting the courts to throw out or suspend the case, as the changes it already has and will put in place mean Thrivent’s criticisms are already being rectified.
FINSUM: It has been very interesting to see how much the DOL’s position has changed on the fiduciary rule since Trump’s team started to take the helm. This seems very likely to be tossed out.