Labor Department seeks delay of Obama investment adviser rule
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The Labor Department is seeking an 18-month delay of an Obama-era rule for investment advisers, according to court documents filed Wednesday.

In response to a lawsuit over the rule, agency officials told the court they have asked the Office of Management and Budget (OMB) to delay implementing the rule until July 2019.

The rule places tougher standards on financial advisers, creating a legal requirement that they act in the best interests of their clients. The rule requires advisers to tell clients when they get a commission for…