California, New York, Oregon Lose Second Try on Fiduciary Rule Row

California, New York, and Oregon lost their second bid to get a federal appeals court to allow them to defend an Obama-era rule requiring investment advisers to put the interests of retirement savers above their own.

The U.S. Court of Appeals for the Fifth Circuit May 22 denied the states’ request for reconsideration of a previous ruling that rejected their motion to intervene in the case and defend the Labor Department’s fiduciary rule. That rule was struck down in its entirety earlier this year.

Chief Judge Carl E. Stewart, who dissented from the majority decision that vacated the rule in ...