Federal Circuit Courts Split on Fiduciary Rule

 
Tuesday, April 3, 2018
 
On March 15, 2018, the Fifth Circuit Court of Appeals in Chamber of Commerce of the United States of America, et al. v. U.S. Department of Labor vacated the Department of Labor’s Fiduciary Rule. However, the Tenth Circuit Court of Appeals on March 13, 2018 upheld the Fiduciary Rule.  This split in the Circuits may be reviewed at some point by the U.S. Supreme Court. 

The Fiduciary Rule’s revised standards expanded the types of interactions considered fiduciary in nature under ERISA and the Internal Revenue Code, resulting in fiduciary status for many service providers such as brokers, investment advisers, record-keepers and other service providers not previously considered fiduciaries.
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