U.S. Labor Department headquarters in Washington, D.C. Credit: Mike Scarcella / NLJ
The U.S. Court of Appeals for the Fifth Circuit on Thursday divided 2-1 in striking down the Obama-era U.S. Labor Department's fiduciary rule. The regulations, targeting conflicts of interest in the retirement-savings industry, expanded the definition of "fiduciary." Business groups challenged the rule.
March 15, 2018 at 06:43 PM
1 minute read
The U.S. Court of Appeals for the Fifth Circuit, voting 2-1, on Thursday vacated the U.S. Labor Department’s fiduciary rule.
The challengers in the Fifth Circuit case included the U.S. Chamber of Commerce, the Securities Industry and Financial Markets Association and the Financial Services Institute. The ruling comes one day after Labor Department won a case in the U.S. Court of Appeals for the Tenth Circuit that was brought by Market Synergy Group, an insurance distributor.
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