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Biz Groups Continue 5th Circ. Attack On DOL Fiduciary Rule

Law360, New York (July 21, 2017, 6:01 PM EDT) -- Several financial and insurance industry groups, including the U.S. Chamber of Commerce, urged the Fifth Circuit on Thursday to rule against the U.S. Department of Labor’s fiduciary rule for retirement account advisers, saying the rule’s definition of a fiduciary “defies centuries of precedent.”

The groups pushed the Fifth Circuit to reverse a district court decision that granted the DOL summary judgment on a challenge against the rule, saying the agency is advancing a “radical redefinition” of what constitutes a fiduciary.

“Never before has the mere act...
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