WASHINGTON Feb 24 Five U.S. financial services
groups on Friday appealed a federal court decision handed down
earlier this month that upheld an Obama-era rule designed to
avoid conflicts of interests when brokers give retirement
"This is a misguided rule that will harm retirement savers
and financial services firms that provide needed assistance and
options to their clients, including modest savers and small
business employees," the U.S. Chamber of Commerce, Financial
Services Institute, Financial Services Roundtable, Insured
Retirement Institute, and Securities Industry and Financial
Markets Association said in a statement.
The groups had sued to halt the Labor Department's recently
enacted "fiduciary" rule requiring brokers to put their clients'
best interests first when advising them about individual
retirement accounts or 401(k) retirement plans. But Chief Judge
Barbara Lynn for the U.S. District Court for the Northern
District of Texas ruled that the department had weighed
adequately weighed the costs of complying with the rule against
the benefits provided to consumers.
(Reporting by Lisa Lambert; Editing by Leslie Adler)