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November 07, 2023

Brad Campbell Addresses Proposed DOL Fiduciary 401(k) Rule With Bloomberg Law

In “Biden Rolls Legal Dice by Proposing Fourth Fiduciary 401(k) Rule,” Bloomberg Law spoke to benefits and executive compensation partner Brad Campbell about the Department of Labor’s (DOL) latest attempt at regulating more retirement plan investment advice.

The publication reported that a critical component of the Fifth Circuit’s review was a distinction the court said the DOL failed to make between investment advice for a fee and sales activity. The DOL’s latest proposal “does the same thing with essentially the same scope,” said Campbell. “They’ve just repackaged how they express it, and I think they have the same legal problem as a result.”

“At its heart, it’s a direct challenge to the Fifth Circuit,” Campbell added. “[The] DOL and the administration are willing to roll the dice on litigation because they think that a different court or a different panel of judges might achieve a different result.”

The full article is available for Bloomberg Law subscribers.

Full Article

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