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5th Circuit rejects states’ bid to defend fiduciary rule, as Dems ask DOL to petition SCOTUS

No matter how committed the states are to the fiduciary rule, they may be out of options.

Supreme Court exterior Even if Labor does not seek a review, the letter from the Democratic senators indicates that rules governing the standard of care on investment recommendations will remain on the radar. (AP Photo/J. Scott Applewhite)

The U.S. Court of Appeals for the Fifth Circuit has again slammed the door on state attorneys’ general effort to step in and defend the Labor Department’s fiduciary rule.

In a filing this week, the 5th Circuit rejected two requests from attorneys general in California, Oregon, and New York. The states asked the three-judge panel that vacated the fiduciary rule in March to reconsider a previous request to intervene to defend the rule. The Labor Department let pass a deadline to request a rehearing of the March decision.

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Nick Thornton

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.

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