AGs Want New Hearing on DOL Fiduciary Rule to Protect Retirees

The attorneys general (AGs) from California, New York, and Oregon filed a motion at an appeals court Thursday seeking to protect the interests of millions of their current and future retirees after the court vacated the Department of Labor (DOL) fiduciary rule in March, reports MarketWatch . The AGs say that the DOL "appears ready to abandon its effort to protect retirement investors" by failing 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 told reporters on Thursday, "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."