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Federal appeals court strikes down Labor Department's fiduciary rule

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Federal appeals court strikes down Labor Department's fiduciary rule

The United States Court of Appeals for the Fifth Circuit vacated the U.S. Department of Labor's Conflict of Interest Final Rule, commonly known as the fiduciary rule, in its entirety.

The appeals court reversed a district court's rejection of certain business groups' challenge to the fiduciary rule. The grounds of the legal challenge include the fiduciary rule's inconsistency with governing statutes and the department's imposition of legally unauthorized contract terms to implement the rule.

More details to follow.