Fifth Circuit’s Ruling – Nationwide Effect

Per Bill Mandia, “I don’t see there being any question about the nationwide impact.  The Fifth Circuit determined that the DOL’s actions were not a proper exercise of its statutory authority.  That ruling should, under the Administrative Procedures Act, vacate the rule nationwide.  The mandate is drafted in that manner because it provides that the Fifth Circuit “vacat[ed] the Fiduciary Rule in toto.””