The judge overseeing the lawsuit filed by nine plaintiffs in Texas against the Department of Labor's fiduciary rule denied an emergency request by the groups to stop the rule from taking effect while they take their case to the U.S. Court of Appeals for the Fifth Circuit.
Judge Barbara M.G. Lynn ruled Monday that the plaintiffs – which include the U.S. Chamber of Commerce, the Securities Industry and Financial Markets Association and the Financial Services Institute – failed to satisfy the requirements for an injunction pending appeal.
The decision came two days before R. Alexander Acosta is scheduled for his confirmation hearing to become secretary of Labor.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
