The Fifth Circuit Vacates the DOL Fiduciary Rule

On March 15, 2018, the U.S. Court of Appeals for the Fifth Circuit, in a 2-1 decision,1 vacated the U.S. Department of Labor’s (DOL) Fiduciary Rule. The Fifth Circuit found that the DOL overstepped its authority and acted unreasonably by enacting the Fiduciary Rule.

with co-authors Michael R. Manley, Lisa A. Tavares, Carol V. Calhoun and Danna E. Brown

The Fiduciary Rule

The Fiduciary Rule, enacted by the DOL, reinterpreted the “investment advice fiduciary” definition and the exemptions to provisions for a…


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