Federal court tosses out Obama-era rule requiring financial advisers to act

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A divided federal appeals court on Thursday tossed out an Obama-era Department of Labor (DOL) rule that required financial investment advisers to act in the best interest of their clients.

In a 2-1 ruling, the 5th Circuit Court of Appeals said the fiduciary rule bears the hallmarks of "unreasonableness" and constitutes an arbitrary and capricious exercise of administrative power.

The lawsuit stems from a challenge the U.S. Chamber of Commerce and eight other business and financial groups brought against the rule.

Federal court tosses out Obama-era rule requiring financial advisers to act in customers' best interests
Rick Rydell

Rick Rydell

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