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The U.S. Department of Labor (DOL) last week asked a federal judge to throw out a lawsuit challenging its 401(k) cryptocurrency investing guidance.
ForUsAll, a low-cost 401(k) recordkeeping firm in San Francisco, sued the department in June, claiming regulators were changing policy without undergoing the required notice-and-comment process. The department countered in its dismissal motion before the U.S. District Court for the District of Columbia that sub-regulatory guidance “does not have the force of law, nor does it make new law.”