On November 23, 2016, Judge Moss in the U.S. District Court for the District of Columbia again ruled in favor of the Department and denied the renewed motion for a preliminary injunction brought by the National Association for Fixed Annuities (“NAFA”) challenging implementation of the Department’s conflict of interest rule and related exemptions. Nat’l Ass’n
Chamber of Commerce
DOL Prevails In First Challenge to the Conflict of Interest Rule and Related Exemptions
By Benjamin Saper & Russell Hirschhorn on
On November 4, 2016, Judge Moss in the U.S. District Court for the District of Columbia granted the U.S. Department of Labor’s motion for summary judgment and dismissed claims brought by the National Association for Fixed Annuities (“NAFA”) challenging the Department’s conflict of interest rule and related exemptions. Nat’l Ass’n for Fixed Annuities v. Perez, No. CV 16-1035 (RDM), 2016 WL 6573480 (D.D.C. Nov. 4, 2016). The decision is the first to be issued among the four pending cases asserting similar challenges. (Our earlier blog posts on the cases are available here.)
Update on Lawsuits Challenging the U.S. Department of Labor’s Fiduciary Rule
By Benjamin Saper & Russell Hirschhorn on
In this update on the litigation challenging the U.S. Department of Labor’s new fiduciary rule, we note that there has been a sixth lawsuit filed and oral arguments in two other cases. (Our previous reports are available here, and our Client Alert on the new rule is available here.)
Thrivent Financial for Lutherans,…
Update on Lawsuits Challenging the U.S. Department of Labor’s Fiduciary Rule
By Benjamin Saper & Russell Hirschhorn on
As we previously reported, there are five pending lawsuits challenging the U.S. Department of Labor’s new fiduciary rule. Our Client Alert on the new rule outlines the significance of the rule and the implications of the expanded definition of “fiduciary” for investment advisors and other related service providers.
First, with respect to the litigation…