Breaking News: States, AARP move to save the DOL Fiduciary Rule

Three states and the AARP work to salvage DOL Fiduciary Rule

California, New York and Oregon — and the American Association of Retired People (AARP) — have made a last-ditch effort to save the DOL Fiduciary Rule. In a motion filed with the Fifth Circuit Court today, these states and the AARP are seeking to intervene on behalf of the Department of Labor.

If granted, their motion would allow the states to act in the place of the Department of Labor and continue the lawsuit through additional appeals. The states and AARP are alleging this action is necessary because it has become apparent that the DOL does not intend to seek any additional appeal. The AARP has also requested additional time for the court to review their requests.

As it stands, the deadline for the Department of Labor to seek a rehearing is Monday, April 30. If the DOL does not seek a rehearing and the Fifth Circuit denies the states’ attempt to intervene (and denies the AARP request for more time), the mandate that the fiduciary rule be vacated will be issued on May 7.

The court now has three issues to decide:

  1. Whether to grant more time.
  2. Whether to allow the states and the AARP to intervene.
  3. Whether to grant a rehearing.

Stay tuned to CreativeOne as we will keep you up to date on regulatory action that could affect you and your practice.

Related terms: Annuities, Breaking News


2 Comments

  1. Walter says:

    AARP does not need to get involved, they already hurt the small account holders. This rule by the DOL is nothing but a sham. As you can see people like Fisher Investment ,he wants large investers and lies to the public about annuities and bonds. He should be stop, the annuity contracts are not 2 inches thick and are not hard to get out of.

  2. Bill says:

    What Fisher doesn’t tell listeners is when their investments go down in value he gets his fee any way.

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