Federal Court of Appeal examines fiduciary rule for financial retirement plans

Federal Court of Appeal examines fiduciary rule for financial retirement plans

Two energy companies, joined by 26 attorneys general from Republican-controlled states, argued before a federal appeals panel against a Biden administration rule clarifying social factors when reviewing retirement plan investments.

A panel of the U.S. Court of Appeals for the Fifth Circuit heard arguments Tuesday on the U.S. Department of Labor’s 2022 rule, which was upheld by the conservative U.S. District Court for the Northern District of Texas-Amarillo Division.