Fifth Circuit Vacates DOL's Fiduciary Rule | Practical Law
In Chamber of Commerce of the United States of America v. United States Department of Labor, the US Court of Appeals for the Fifth Circuit held that the US Department of Labor's (DOL) expansion of the scope of the final fiduciary investment advice regulation (the fiduciary rule) to include a broker-dealer and insurance agents both conflicts with the plain text of the Employee Retirement Income Security Act of 1974 (ERISA) and violates the Administrative Procedure Act (APA). The Fifth Circuit vacated the fiduciary rule.