The CFP Board says it has logged more than 2,000 hours of legal work through
That amount would be equal to about 2% of its annual
The board revealed the number of hours in an
Lawyers for the planners wrote in a court filing last month that the board's failure to meet its earlier time projections for the production of documents has left the case at "a standstill."
The board added that it was taking far longer than it had estimated to sort through some 60,000 documents, and that lawyers were working nights and weekends to comply.
In a statement Thursday, the board said it was now preparing to turn over 25,000 documents.
The board itself declined to provide more specific cost figures. "While CFP Board has and will continue to efficiently manage the litigation, it has every intention to continue to vigorously defend itself," it said in a statement.
The case stems from the board's effort to publicly sanction the husband-and-wife planners for using the term "fee-only" to market their firm against its rules. At the same time, the board had been allowing hundreds of similar violations by advisors on its own website.
In January, the court ruled against the board's efforts to quash the documentation requests as an "annoyance" that would create an undue burden on the board and produce no relevant evidence.
Both sides have asked the court to force the other to reimburse them for legal costs they've incurred due to actions of the other side.
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