Obama-Era Fiduciary Rule Is Officially Dead After Court Mandate

The Obama-era fiduciary rule that would require investment advisers to put the interests of retirement savers above their own is officially dead as the court decision that struck it down earlier this year became effective today.

The U.S. Court of Appeals for the Fifth Circuit issued June 21 its mandate of the March 15 opinion that vacated the Labor Department rule.

The long-awaited mandate—a document by which an appeals court officially closes a case—has been expected since May 7. The document comes weeks after three states—New York, Oregon, and California—and AARP made last-minute attempts to defend the rule when it ...