Yesterday, the Chamber of Commerce of the United States of America, the Securities Industry and Financial Markets Association, the Texas Association of Business, and a number of other organizations filed a lawsuit over the U. S. Department of Labor’s regulations regarding fiduciary conflict of interest rules for retirement plans. One of the counts filed in the in the Northern District of Texas challenges regulation provisions that limit a business’s ability to include a class action waiver in its arbitration agreements. According to the plaintiffs, this restriction violates both the Federal Arbitration Act, 9 U.S.C. § 1 et seq., and the Administrative Procedure Act, 5 U.S.C. § 500 et seq.
The full text of the complaint is available on the U.S. Chamber of Commerce Litigation Center’s website.
Hat tip to Merril Hirsh at Troutman Sanders, LLP for alerting Disputing to this interesting lawsuit!
Photo credit: Paul Varuni via Foter.com / CC BY
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