California, New York, and Oregon are asking a federal appeals court in Louisiana to intervene to defend the Labor Department’s fiduciary rule, which was struck down in its entirety last month.
The states have a “strong interest” in this litigation and stand to lose millions of dollars in income tax revenue from retirement investment income over the next 10 years if a decision by the U.S. Court of Appeals for the Fifth Circuit that vacated the rule remains in place.
It has become “apparent” that the DOL doesn’t “intend” to seek further review of the court’s opinion, an action that ...