Politico reports “elderly investors” are “finding themselves vulnerable to abuse” following President Donald Trump’s dismissal of “a sweeping Obama-era rule preventing conflicts of interest among financial advisers,” even as older adults make up “some of [Trump’s] biggest supporters.” Politico says “older savers are often the targets of brokers’ self-enriching sales,” adding that “the problem is probably being underreported since seniors are usually reluctant to disclose questionable conduct.” Following the Justice Department’s refusal “to defend the rule after it was vacated by an appeals court – a major setback for associations such as AARP, the 38-million-member advocacy group for retirees that tried to save the regulation,” Politico says that “the focus is on the SEC, which offered its own version of an investment advice regulation in April,” which also “has broader support in the industry than did the fiduciary rule” but may “be softer on brokerage businesses and insurance companies than the Obama-era measure and wouldn’t allow for investor lawsuits.”

From the news release of the American Association for Justice.