Split 5th Circuit Vacates Department Of Labor’s 2016 Fiduciary Rule

Mealey's (March 20, 2018, 9:47 AM EDT) -- NEW ORLEANS — A divided Fifth Circuit U.S. Court of Appeals panel on March 15 reversed a Texas federal court’s ruling rejecting business groups’ challenges of the U.S. Department of Labor’s “fiduciary rule” and vacated the rule in toto (Chamber of Commerce of the United States of America, et al. v. United States Department of Labor, et al., American Council of Life Insurers, et al. v. United States Department of Labor, et al., Indexed Annuity Leadership Council, et al. v. R. Alexander Acosta, et al., No. 17-10238, 5th Cir., 2018 U.S. App. LEXIS 6472)....