Eight attorneys general filed 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.

“With this rule, the SEC is choosing Wall Street over Main Street,” said New York Attorney General Letitia James, who’s leading the coalition, in a statement. “Instead of adopting the investor protections of Dodd-Frank, this watered-down rule puts brokers first.”