Securities,
Government
Sep. 11, 2019
California joins lawsuit against SEC over broker-dealer rule
The action targets the so-called Best Interest Rule, set to take effect next year
California and six other states sued the U.S. Securities and Exchange Commission on Tuesday over a rule that allows broker-dealers to promote investments that financially benefit them.
The complaint for declaratory and injunctive relief, filed in the Southern District of New York, said the regulation "undermines critical consumer protections for retail investors" and "contradicts Congress's express direction" by blurring the lines b...
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