Connecticut Attorney General William Tong has joined seven other state AGs in filing a federal lawsuit challenging the Securities and Exchange Commission’s Regulation Best Interest for failing to institute a uniform fiduciary standard and “meet basic investor protections” that were laid out in the Dodd-Frank Act.

In a written statement, Tong said the SEC has ignored the intent of the legislation passed in 2010 to ensure financial brokers work in the best interest of their clients. “We aren’t talking about millionaires and billionaires here, we are talking about families saving for retirement and planning for their future,” he said. “They must be protected from those who would take advantage of an honest need for guidance and assistance. This lawsuit seeks to compel reversal of this arbitrary and unlawful rule that undermines critical consumer protections and puts investors’ savings at risk.”