A three-judge panel in the 5th Circuit Court of Appeals, considered among the most conservative of the federal circuits, heard oral arguments Monday in the most wide-ranging of four lawsuits seeking to vacate the Labor Department's fiduciary rule.

Earlier this year, the District Court for the Northern District of Texas upheld the fiduciary rule, dismissing a suit brought by a consortium of business and financial industry trade groups, led by the U.S. Chamber of Commerce and the Securities Industry and Financial Markets Association.

The lower court ruling was a sweeping victory for the Obama-era Labor Department. The rule has also been upheld in the District of Columbia and District of Kansas.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.