A three-judge panel in the 5th Circuit Court of Appeals, considered among the most conservative of the federal circuits, heard oral arguments Monday in the most wide-ranging of four lawsuits seeking to vacate the Labor Department's fiduciary rule.
Earlier this year, the District Court for the Northern District of Texas upheld the fiduciary rule, dismissing a suit brought by a consortium of business and financial industry trade groups, led by the U.S. Chamber of Commerce and the Securities Industry and Financial Markets Association.
The lower court ruling was a sweeping victory for the Obama-era Labor Department. The rule has also been upheld in the District of Columbia and District of Kansas.
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