In a 2-1 decision, the 5th Circuit Court of Appeals held that the Department of Labor exceeded its statutory authority under retirement law in promulgating the fiduciary rule. The fiduciary rule required brokers to not consider any factors apart from their clients' best interests when working with retirement accounts. This outcome creates uncertainty as to the validity of the regulation. Visit the link below for a copy of the opinion.
There will be a forthcoming blog with commentary on this decision.