REFILE-COMPLY-Broker best-interest contracts seen as arbitration game-changer

April 22, 2015 2:54 PM

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April 22 (Reuters) - A U.S. Labor Department plan to require best-interest contracts from retirement account brokers would make it easier for investors who try to recoup money for losses by pinning the blame on brokers' bad advice, lawyers said.

The contracts, which would require Wall Street brokers to pledge to uphold their clients' best interests when giving retirement account advice, are the signature piece of a long-awaited plan unveiled last week by U.S. Labor Secretary Tom Perez. He said the new rules would protect investors from reco...

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