Lawsuits

Meanwhile, a prominent Republican congressman called on President Trump to delay the regulation's implementation.

The “Pirates of the Caribbean” and “Edward Scissorhands" star accuses his onetime planners of fraud and negligence in a $25 million lawsuit. The former advisors have countersued.

The firm is preparing for the fiduciary rule and contesting a lawsuit alleging that Raymond James allowed a $350 million fraud to be perpetuated.

"There is an added sense of urgency now," says Barbara Roper, director of investor protection at the Consumer Federation of America.

Their attorney said he would instead file claims in arbitration.

Black employees at the firm say lucrative client accounts were often steered toward financial advisers who weren’t black.

"I lose years of my life. They can settle, write a check and move on," says an adviser whose book of business dropped by $40 million after he alleges he was wrongfully terminated.

Will Chief District Judge Barbara Lynn be the first to rule against the regulation? Opponents of a case in Texas federal court have high hopes.

The legal setback for the rule's foes still leaves three ongoing court challenges, as well as an uncertain future after Trump takes office.

While a federal court allowed the organization to file a brief saying it upheld fiduciary values, it should not be providing expert opinions, writes the founder of a fiduciary consulting firm.

One of the sanctioned advisers has 26 disclosure events listed on his FINRA BrokerCheck record while remaining in good standing with Ameriprise.