Fed Ct tosses Obama-era rule requiring financial advisers to act in customers' best interests

[laserhaas]

Source: The HILL

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A divided federal appeals court on Thursday tossed out an Obama-era Department of Labor (DOL) rule that required financial investment advisers to act in the best interest of their clients.

In a 2-1 ruling, the 5th Circuit Court of Appeals said the fiduciary rule bears the hallmarks of "unreasonableness" and constitutes an arbitrary and capricious exercise of administrative power.

The lawsuit stems from a challenge the U.S. Chamber of Commerce and eight other business and financial groups brought against the rule.

The groups argued the DOL erased universally recognized distinctions between salespeople and fiduciary advisers and reconfigured relationships among financial and insurance representatives and their customers in setting the new standards of conduct.

Read more: http://thehill.com/regulation/court-battles/378722-federal-appeals-court-tosses-out-obama-era-labor-dept-fiduciary-rule?amp&__twitter_impression=true

[blue-wave]

1. Why do I get the feeling

that we are barreling toward another national/world financial disaster? The republicons never ever learn from their mistakes. Throughout history to the present they have been/are dysfunctional idiots, working as hard as they can to create a world of pain and suffering.

[laserhaas]

4. Goldman Sachs & Rothschilds make big money

Out of chaos

[volstork]

8. "The republicons never ever learn from their mistakes."

It's not a mistake for them. They make out like bandits; it's the rest of us who suffer.

[TeamPooka]

2. Legalizing theft. Pure "capitalism" at its worst. nt

[Angry Dragon]

3. just another FUCK THE PEOPLE

[Vinca]

5. Well that really makes you want to put your life savings in the hands of a stranger.

[ananda]

6. 5th Circuit -- WORST COURT IN THE NATION !!!

ugghhh

[groundloop]

7. Don't right wingers go out of their way to file cases in the 5th Circuit?

Seeing how they ruled on this case I'd have to imagine this group of judges is extremely business friendly and anti-consumer.

This ruling is absolute bullshit - someone claiming to be a financial adviser should most definitely be expected to act in the best interest of their customer.

[alarimer]

9. How the FUCK is that unreasonable?

I am speechless.

[Nitram]

10. I just can't believe the greed and disregard for the American people.

[FiveGoodMen]

11. "the fiduciary rule bears the hallmarks of unreasonableness" ?!?

In other news, court rules that patients undergoing surgery cannot reasonably expect the doctor to attempt keeping them alive and healthy.

[sakabatou]

12. UGH!