The lawsuit, filed in federal court in Massachusetts, accuses Keith Gill of misrepresenting himself as an amateur investor and profiting by artificially inflating the price of the stock.

The Biden administration announced last week the fiduciary exemption would take effect as scheduled, but legal experts argue the rule has some serious teeth that will impact client relationships with advisors and broker/dealers.

The financial industry has a clear call to action to raise the bar on diversity and inclusion.

Sometimes acting as a fiduciary means risking the loss of a client.

However, the Labor Department stressed that there would be "related guidance" released in the coming days, and would continue to research how the fiduciary exemption could be improved.

The new service, out of its pilot stage, is now available to all LPL advisors and promises to shorten the time it takes them to complete acquisitions from six to nine months to 60 to 90 days.