Seven U.S. states, District of Columbia sue to block SEC rule change

Seven U.S. states and the District of Columbia on Monday sued to block rules ado...

FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst/File Photo

The package of rules, approved in a vote by the SEC, require brokerage firms to disclose potential conflicts of interests in the fees investors pay and the commissions brokers earn when giving financial advice. In a filing in the U.S. District Court in the Southern District of New York, the states of New York, California, Connecticut, Delaware, Maine, New Mexico, Oregon and the District of Columbia argued that the rule change is “arbitrary and capricious.”

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