The article examines the Fifth Circuit decision in Chamber of Commerce v US Department of Labor to vacate the US Department of Labor (DOL) fiduciary rule issued in 2016. The fiduciary rule supplanted the DOL's five-part test that had been in effect since 1975 and significantly expanded the universe of persons who would be considered an investment-advice fiduciary. Since its implementation, various organizations have challenged the rule in court on the grounds that the DOL exceeded its authority in promulgating it. While the DOL has previously been successful in defending against such claims, the decision by the Fifth Circuit is the highest court to broadly overturn the DOL's regulatory action and order a vacatur of the rule.

Read "Should We Trust the Fiduciary Rule Is Gone?" in its entirety here.