February 8, 2017 / 10:05 PM / a year ago

U.S. Labor Dept prevails in legal challenge to 'fiduciary' rule

WASHINGTON, Feb 8 (Reuters) - A U.S. District Court judge on Wednesday upheld a controversial Labor Department “fiduciary” rule governing retirement investment advice, in a stunning defeat for the business and financial services groups that had sought to overturn it.

In a stinging 81-page ruling, Chief Judge Barbara Lynn for the U.S. District Court for the Northern District of Texas rejected all of the business groups’ arguments, saying the Labor Department did not exceed its legal authority and conducted a proper economic analysis to justify the rule. (Reporting by Sarah N. Lynch; Editing by Leslie Adler)

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