California, New York and Oregon asked the Fifth Circuit Court of Appeals to reconsider a decision denying their motion to defend the Department of Labor’s fiduciary rule on May 16. A May 17 article in Fund Action titled “States make another plea for DOL rule” quotes investment management counsel David Tittsworth on the latest effort. The latest effort could prove a final chapter for the DOL’s fiduciary rule, Mr. Tittsworth explained. The judges are unlikely to come to a different conclusion since the states are armed with the same arguments the panel already found unconvincing, added Mr. Tittsworth.
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