Is the Fiduciary Rule Dead?

April 10, 2019

O’Melveny Partner Greg Jacob authored “Is the Fiduciary Rule Dead?,” which discusses two distinct questions following the 2018 decision by the US Court of Appeals for the Fifth Circuit to strike down the “Fiduciary Rule.” Jacob considers the status of the rule. He also questions if the Labor Department is required to repeal the rule in its entirety through the rulemaking process of the Administrative Procedure Act, given that the Fifth Circuit already vacated the rule in its decision.

To Jacob, it is clear that “a year after the Fifth Circuit’s decision, the Labor Department has not gone the route of formally backing away from the rule.” He continues, “This suggests either that the Department is nervous about the legality of simplified ‘repeal through acquiescence,’ or that the forthcoming September 2019 final rule may be more than just a simple repeal.”

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