Try not to lose your mind, but just when the industry thought the DOL’s fiduciary rule was fully dead and gone, it might be coming back. A financial advisor news site, BenefitsPro, has run a piece covering an obscure court move in North Texas on June 28th where a judge issued an order allowing anyone advising “relief” regarding the DOL rule to let the court know by July 12th. What the order means is that state attorney generals, such as from New York, California, and Oregon, could still step in to try to make a case out of the DOL rule.
FINSUM: Those states already tried to step into the Fifth Circuit Court case, but were refused. It is unclear what they will do here, but it stands to reason that they may make a go of it.