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Gibson Dunn: There is no Circuit split over fiduciary rule; decision applies nationwide

The decision has the effect of the removing the fiduciary rule from the books, say attorneys who argued against the DOL rule.

By May 7, when the 5th Circuit is scheduled to issue a final order under the Federal Rules of Appellate Procedure, the fiduciary rule will effectively be erased from the Federal Register, say attorneys with Gibson Dunn, the law firm that successfully argued to vacate the rule. (Photo: Tim Roller/ALM)

Gibson Dunn, the law firm that successfully argued to vacate the Labor Department’s fiduciary rule before the 5th Circuit Court of Appeals, says the 2-to-1 decision in favor of industry opponents of the rule applies “nationwide.”

Citing the Administrative Procedures Act, the law that governs federal agency rule making, and Black’s Law Dictionary, attorneys for the firm said the ruling has the effect of the removing the fiduciary rule from the books.

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Nick Thornton

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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