Florida court strikes down DOL guidance making rollover advice fiduciary
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The American Securities Association had filed suit alleging that a DOL document improperly claimed that a one-time recommendation to transfer assets from a company plan to an IRA triggered fiduciary duty.
A federal court in Tampa, Florida, on Monday struck down Department of Labor guidance that made a rollover recommendation fiduciary investment advice.
The U.S. District Court for the Middle District of Florida ruled that the DOL was “arbitrary and capricious” in its interpretation of a five-p
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