SIFMA isn't promising a lawsuit to challenge the Department of Labor's controversial fiduciary rules, but the Wall Street trade group isn't ruling it out, either.

On a conference call with reporters, SIFMA President and CEO Ken Bentsen said his group and its member firms are still digesting the "quite voluminous rule," which will require advisors working with retirement plans and savers to act as fiduciaries and provide advice that is in their clients' best interest.

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