States, AARP Can’t Intervene to Save Fiduciary Rule in 5th Cir. (1)

California, New York, Oregon, and AARP won’t be able to intervene in a federal appeals court case to defend the Labor Department’s fiduciary rule.

The U.S. Court of Appeals for the Fifth Circuit May 2 denied motions to intervene by the three states and the retirement advocacy group. The three-judge panel didn’t provide reasons for their denial in the two-paragraph order.

The ruling comes two days after the April 30 deadline the DOL had for requesting rehearing of the Fifth Circuit split decision that struck down the controversial rule. Because the DOL didn’t move for a rehearing, the Fifth ...