The DOL didn’t exercise the last legal recourse it had to defend the controversial rule, effectively ending the short life of the Obama-era regulation.
The DOL missed the deadline to file for a rehearing in the Fifth Circuit Court of Appeals, meaning the Court’s decision to vacate the fiduciary rule stands.
The consumer group, along with the attorneys general of California, Oregon and New York, are seeking a rehearing by the Fifth Circuit, which vacated the DOL fiduciary rule.