"It appears the Fifth Circuit's ruling will apply nationwide ... While the Tenth Circuit upheld the rule ... [it] did not address the initial threshold issue of whether the action to redefine the term 'investment advice fiduciary' was a proper exercise of the [DOL's] power. The plaintiffs in the Fifth Circuit ... did directly challenge the Department's statutory authority, and the Fifth Circuit determined that the action to redefine the term 'investment advice fiduciary' exceeded the [DOL's] power under ERISA."  MORE >>