Bradley partner Chris Thorsen was quoted in Forbes regarding the U.S. Department of Labor’s (DOL) highly anticipated final fiduciary rule. Thorsen explained that the new rule, which was designed to help ensure Americans saving for retirement receive sound investment advice, may end up hurting investors and attracting plaintiff attorneys.
“Here, you have something that’s completely brand new; there’s no case law to look at. So what does that mean? It means it’ll be open season, for a period of years, for lawyers to take on these cases and test the rule’s meaning. [Plaintiffs attorneys] know it’ll be expensive for defendants, and they’ll take advantage of that,” said Thorsen.
The complete article, “Class Actions Will Test Labor Department’s New Fiduciary Rule, Attorney Says,” appeared in Forbes on April 26, 2016.