More than a dozen groups, including the U.S. Chamber of Commerce, American Financial Services Association and Financial Services Roundtable, filed a lawsuit Sept. 29 in the U.S. District Court for the Northern District of Texas, Dallas Division, against the Consumer Financial Protection Bureau’s new rule, finalized in July.
A group of associations have filed an appeal in the U.S. Court of Appeals for the Fifth Circuit and a Kansas-based company has filed an appeal in the U.S. Court of Appeals for the Tenth Circuit over the controversial new rule. The rule mandates financial professionals who service individual retirement accounts, including IRAs and 401(k) plans, to serve the “best interest” of the savers and disclose conflicts of interest.
The Washington Legal Foundation is among those calling on the U.S. Court of Appeals for the Third Circuit to overturn a Pennsylvania federal court’s decision that, they argue, would undermine class-wide settlements by permitting plaintiff states to file copycat lawsuits despite benefiting from a settlement.
Petitioners, intervenors recently filed final reply briefs in their case against the Federal Communications Commission in a federal appeals court. They argue in their filings that the commission’s July omnibus ruling interpreting the Telephone Consumer Protection Act expanded the law beyond its intended meaning.