CHAMBER OF COMMERCE OF U.S. v. U.S. DEPT. OF LABOR

No. 17-10238.

885 F.3d 360 (2018)

CHAMBER OF COMMERCE OF the UNITED STATES OF AMERICA; Financial Services Institute, Incorporated; Financial Services Roundtable; Greater Irving-Las Colinas Chamber of Commerce; Humble Area Chamber of Commerce, doing business as Lake Houston Chamber of Commerce; Insured Retirement Institute; Lubbock Chamber of Commerce; Securities Industry and Financial Markets Association; Texas Association of Business, Plaintiffs-Appellants v. UNITED STATES DEPARTMENT OF LABOR; R. Alexander Acosta, Secretary, U.S. Department of Labor, Defendants-Appellees American Council of Life Insurers; National Association of Insurance and Financial Advisors; National Association of Insurance and Financial Advisors — Texas; National Association of Insurance and Financial Advisors — Amarillo; National Association of Insurance and Financial Advisors — Dallas; National Association of Insurance and Financial Advisors — Fort Worth; National Association of Insurance and Financial Advisors — Great Southwest; National Association of Insurance and Financial Advisors — Wichita Falls; Plaintiffs-Appellants v. United States Department of Labor; R. Alexander Acosta, Secretary, U.S. Department of Labor, Defendants-Appellees Indexed Annuity Leadership Council; Life Insurance Company of the Southwest; American Equity Investment Life Insurance Company; Midland National Life Insurance Company; North American Company for Life and Health Insurance, Plaintiffs-Appellants v. R. Alexander Acosta, Secretary, U.S. Department of Labor; United States Department of Labor, Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

FILED March 15, 2018.


Attorney(s) appearing for the Case

Eugene Scalia , Attorney, Paul Blankenstein , Jason J. Mendro , Gibson, Dunn & Crutcher, L.L.P., Washington, DC, Russell Harris Falconer , Attorney, Gibson, Dunn & Crutcher, L.L.P., Dallas, TX, for Plaintiffs-Appellants Chamber of Commerce of the United States of America, Financial Services Institute, Incorporated, Financial Services Roundtable, Greater Irving-Las Colinas Chamber of Commerce, Humble Area Chamber of Commerce, doing business as Lake Houston Chamber of Commerce, Insured Retirement Institute, Lubbock Chamber of Commerce, Securities Industry and Financial Markets Association, and Texas Association of Business.

David W. Ogden, Esq. , Kelly Patrick Dunbar , Kevin Lamb, WilmerHale, L.L.P., Washington, DC, Andrea J. Robinson , WilmerHale, Boston, MA, for Plaintiffs-Appellants American Council of Life Insurers, National Association of Insurance and Financial Advisors, National Association of Insurance and Financial Advisors — Texas, National Association of Insurance and Financial Advisors — Amarillo, National Association of Insurance and Financial Advisors — Dallas, National Association of Insurance and Financial Advisors — Fort Worth, National Association of Insurance and Financial Advisors — Great Southwest, National Association of Insurance and Financial Advisors — Wichita Falls.

Joseph Robert Guerra , Jennifer Jo Clark , Peter D. Keisler, Esq. , Sidley Austin, L.L.P., Washington, DC, for Plaintiffs-Appellants Indexed Annuity Leadership Council, Life Insurance Company of the Southwest, American Equity Investment Life Insurance Company, Midland National Life Insurance Company, Midland National Life Insurance Company, and North American Company for Life and Health Insurance.

Michael Shih , Michael S. Raab , U.S. Department of Justice, Civil Division, Appellate Section, Washington, DC, for Defendants-Appellees United States Department of Labor and R. Alexander Acosta, Secretary, Department of Labor.

Cory L. Andrews , Senior Litigation Counsel, Washington Legal Foundation, Washington, DC, for Amicus Curiae Washington Legal Foundation.

Mary Ellen E. Signorille , Senior Attorney, AARP Foundation Litigation, Washington, DC, for Amicus Curiae American Association of Retired Persons, American Association of Retired Persons Foundation, Americans for Financial Reform, Better Markets, Consumer Federation of America, and National Employment Law Project.

Andrew B. Kay , Cozen O'Connor, P.C., Washington, DC, for Amicus Curiae Thrivent Financial for Lutherans.

Brendan Stephen Maher , Douglas D. Geyser, Esq. , Stris & Maher, L.L.P., Dallas, TX, for Amicus Curiae Financial Planning Coalition.

Scott Lawrence Nelson , Allison M. Zieve , Public Citizen Litigation Group, Washington, DC, for Amicus Curiae Public Citizen, Incorporated.

Deepak Gupta , Gupta Wessler, P.L.L.C., Washington, DC, for Amicus Curiae American Association for Justice.

Before STEWART, Chief Judge, and JONES and CLEMENT, Circuit Judges.


Three business groups1 filed suits challenging the "Fiduciary Rule" promulgated by the Department of Labor (DOL) in April 2016. The Fiduciary Rule is a package of seven different rules that broadly reinterpret the term "investment advice fiduciary" and redefine exemptions to provisions...

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