State Attorneys General File Motion to Reconsider DOL Fiduciary Rule Decision

Acting New York Attorney General Barbara D. Underwood, along with the Attorneys General of California and Oregon, requested that the Fifth Circuit Court of Appeals (the "Fifth Circuit") reconsider its recent decision to deny a Motion to Intervene in connection with the vacated DOL fiduciary rule.

The Fifth Circuit issued a ruling vacating the fiduciary rule on March 16, 2018, and denied the Motion to Intervene on May 3, 2018. In the Motion to Reconsider, the Attorneys General argued that the Court's decision to vacate the rule will result in "grave harm" to their states through "billions of dollars in lost retirement income to their residents and tens of millions of dollars in lost tax revenue."