By Robert Stone and Shannon Smith ( April 6, 2018, 10:56 AM EDT) -- On April 8, 2016, the U.S. Department of Labor issued its final rule defining the term "investment advice fiduciary." The rule supplanted the DOL's five-part test that had been in effect since 1975[1], which initially clarified the definition of "fiduciary" under the Employee Retirement Income Security Act of 1974, as amended, and expanded the universe of persons who would be considered an investment-advice fiduciary.[2] The rule has been challenged in court by various organizations on grounds that the DOL exceeded its authority in promulgating it.[3] Those challenges culminated in a decision by the Fifth Circuit in Chamber of Commerce of the United States of America vs. DOL to vacate the rule.[4]...
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