Obama-era investor protection rule is dead

Source: Tara Siegel Bernard, New York Times (Paid Registration)

Just a year after it took partial effect, the so-called fiduciary rule—a requirement that financial professionals put their customers’ interests ahead of their own with retirement accounts—has effectively died.

Late last week, a federal appeals court dealt a final blow to the rule, legal experts said. The court made effective its decision in March voiding the Obama era rule. That decision said the Department of Labor, which oversees retirement accounts, overstepped its authority. The department did not try to defend the rule after the appeals court’s initial decision, experts said, and it let a deadline pass to petition the Supreme Court to hear the case.

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