Washington, D.C., partner Brad Campbell and Los Angeles partner Fred Reish were quoted in the ThinkAdvisor article “April 30 Deadline Looms for DOL Fiduciary Appeal.” The article discusses whether the Department of Labor will appeal the Fifth Circuit Court of Appeals’ ruling vacating the fiduciary rule.
“While we don’t officially know the DOL is not going to appeal,” it looks as if the department will not, so the Fifth Circuit ruling will go into effect on May 7 and vacate the rule, Brad said. “With that opportunity, the SEC now no longer has to adjust itself to fit what DOL has already done. The SEC can now lead the way [with its standards of conduct proposal] and have DOL adjust itself to the SEC’s rule.”
Fred noted that “if it was an easy decision [to appeal], the DOL would have made the decision by now and would have announced it. As result, I see it as a toss-up, perhaps leaning towards not challenging the court’s decision.”