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5th circuit courthouse Ultimately, it was the 3-judge appellate panel in the 5th Circuit that sealed the rule’s fate. It vacated the rule, finding regulators were “arbitrary, capricious, and not in accordance with the law,” in crafting the rule. (Photo of John Minor Wisdom courthouse: Tim Roller, National Law Journal/ALM)

The U.S. Court of Appeals for the Fifth Circuit has formally put an end to the fiduciary rule.

Nick Thornton


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