Benefits agency threatened ‘investigative program’
Government argues it has broad authority to enforce
The US Labor Department has asked a federal judge to toss a lawsuit challenging its 401(k) cryptocurrency investing guidance, saying the March memo isn’t necessarily final and that plan provider ForUsAll Inc. lacks standing to sue.
Subregulatory guidance “does not have the force of law nor does it make new law,” the government argued in its dismissal motion Monday in the US District Court for the District of Columbia.
DOL’s Employee Benefits Security Administration ignited a lingering controversy this year by telling retirement plan sponsors they could face an “investigative program” if they allowed digital currencies in their workplace plans. Since then, the benefits agency has gone head-to-head against plan providers such as ForUsAll and money manager giant Fidelity Investments Inc. that are eager to capitalize on crypto enthusiasm.
ForUsAll, a low-cost 401(k) recordkeeping firm...
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