March 15 (Reuters) - A divided federal appeals court on Thursday voided the U.S. Department of Labor's "fiduciary rule," which had been adopted in 2016 under the Obama administration to curb conflicts of interest among providers of financial advice to Americans planning for retirement.
By a 2-1 vote, the 5th U.S. Circuit Court of Appeals said it found merit in several objections to the rule that were raised by business groups, including the U.S. Chamber of Commerce, and declared the rule void "in toto."
Last year, after Donald Trump became U.S. president, the Labor Department delayed the scheduled implementation of some provisions of the rule to July 2019. (Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman)