Los Angeles partner Bruce Ashton was quoted in the Financial Advisor article “Massachusetts Case Shows Need to Vacate Fiduciary Rule, Says Scalia.” The article discusses an enforcement action against discount broker-dealer Scottrade for violation of the U.S. Department of Labor’s best interest rules. Attorney Eugene Scalia argues that this enforcement action “vividly illustrates the urgent need to vacate the rule,” because it demonstrates that state enforcement cases and litigation are likely to ensue as long as the rule stands.

Bruce explained the legal approach that the Massachusetts Securities Division took to sue Scottrade under state law. Though not agreeing that the DOL rules should be vacated, Bruce agreed that the potential hodgepodge of state enforcement is a valid concern.

Read “Massachusetts Case Shows Need to Vacate Fiduciary Rule, Says Scalia.”


Source: Financial Advisor
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