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Split 5th Circ. Vacates DOL's Obama-Era Fiduciary Rule

Law360 (March 15, 2018, 11:34 PM EDT) -- A split Fifth Circuit panel on Thursday vacated the U.S. Department of Labor’s fiduciary rule for retirement account advisers, with the majority finding the agency overstepped its authority and that the Obama-era rule’s redefinition of "fiduciary" was unreasonable.

In the 2-1 decision, the majority found in favor of the U.S. Chamber of Commerce and other business groups, which had challenged the rule that requires brokers to put their clients’ interests before their own when selling retirement investments.

The majority decision, penned by U.S. Circuit Judge Edith...
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