In what could be their last hope to block the implementation of the fiduciary rule, the U.S. Chamber of Commerce, SIFMA, FSI and other business groups have asked a federal court in Texas to vacate the Department of Labor's new regulations.

The lawsuit was filed Wednesday — less than a year before the initial provisions of the new regulations are due to be implemented. Indeed, firms' compliance departments are racing to prep hundreds of thousands of advisers for the rule.

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