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Chamber of Commerce of the USA, et al. v. U.S. Dep’t of Labor et al.

Articles Discussing Case:

eLABORate: The Fifth Circuit Overrules the Obama-Era Fiduciary Rule

Phelps Dunbar LLP • March 19, 2018
On March 15, 2018, in Chamber of Commerce of the USA, et al. v. U.S. Dep’t of Labor et al., the Fifth Circuit nullified the “Fiduciary Rule.” The Fiduciary Rule is a regulatory attempt to expand what it means to be a “fiduciary” under the Employee Retirement Income Security Act (“ERISA”) and Internal Revenue Code. As the Court explained, the Rule was of “monumental significance to the financial services and insurance sectors of the economy.” Since 2016, the Rule has reportedly caused major investment and insurance companies to exit the brokerage and retirement investor market and limited the retirement investment products sold by such companies.