The attorneys general from California, New York, and Oregon filed a motion at an appeals court seeking to protect the interests of millions of their current and future retirees after the court vacated the Department of Labor’s fiduciary rule on March, Marketwatch reported. The AGs say that the Department of Labor “appears ready to abandon its effort to protect retirement investors” by failing, so far, to act to defend the rule itself, even though “every other court to issue a final judgment on the Rule’s legality has upheld it.” California Attorney General Xavier Becerra said, “We think at the end of the day, the Courts will agree: anything that helps the people understand their choices for retirement is crucial. We believe the fiduciary rule is lawful in its role. And we believe if given the opportunity to litigate this, we can succeed.” Three federal district courts and the Tenth Circuit Court of Appeals have upheld the fiduciary rule. In addition to filing the motion to intervene, the attorneys general also filed a petition for rehearing with the full 17-judge Fifth Circuit Court of Appeals to ask them to overturn the decision made by the three-judge panel.
