DOL Direction Sought After Fiduciary Rule Nixed By 5th Circ.

By Dunstan Prial (March 16, 2018, 6:54 PM EDT) -- A Fifth Circuit ruling vacating the U.S. Department of Labor's fiduciary rule for retirement account advisers has created confusion across a broad swath of the U.S. investment landscape that will only be resolved once the DOL decides whether to drop the case or pursue it on appeal, legal experts said Friday.

A split Fifth Circuit panel on Thursday jettisoned the Obama-era rule in its entirety, with the majority finding in favor of the U.S. Chamber of Commerce and other business groups that the agency overstepped its authority and that its redefinition of "fiduciary" was unreasonable.

Thursday's ruling conflicts with a narrower...

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