Ding, dong, the fiduciary rule is dead. As was widely expected, the Department of Labor missed its deadline this week to file for an appeal of the fifth circuit court ruling against its fiduciary rule. That means that the ruling given by the fifth circuit court, which vacated the rule, now stands, leaving the rule is all but dead. However, other bodies, including the AARP and the states of California, New York, and Oregon, have all applied to stand in as defendants in the case. None of these requests have been processed yet.
FINSUM: So it will be very interesting to see whether the fifth circuit court approves these requests, especially considering it was so adamantly against the rule.