ASA Applauds District Court’s Decision to Invalidate DOL Policy as Unlawful Rulemaking
ASA is pleased the court recognized the DOL operated outside the scope of its legal authority.
TAMPA, Fla. – Today, the American Securities Association (ASA) received the verdict of a lawsuit it filed in February 2022 in the Middle District of Florida challenging the U.S. Department of Labor’s (DOL) attempt to change existing retirement rules without going through a notice-and-comment rulemaking as is required under the Administrative Procedure Act (APA).
“ASA is pleased the court recognized the DOL operated outside the scope of its legal authority and vacated its unlawful policymaking through guidance,” ASA CEO Chris Iacovella said. “ASA filed this lawsuit to protect investor choice and America’s retirement savers from administrative overreach and the Court agreed the DOL's failure to seek public comment before changing its rules about retirement advice was a violation of the Administrative Procedure Act.”
To read a copy of ASA’s lawsuit, click here. To read a copy of ASA’s September 2021 letter to the DOL expressing its concerns, click here.