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DOL Fiduciary News: August 26, 2016

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Tough Questioning in DOL Rule Injunction Hearing

InsuranceNewsNet; August 25, 2016

Washington, D.C. -- The motion to delay the Department of Labor’s fiduciary rule has an uphill fight, judging by the harsh line of questioning leveled at the attorney asking for the injunction.

Philip D. Bartz opened the industry's legal assault on the federal fiduciary rule Thursday with 90 minutes of tough questioning from U.S. District Court for District of Columbia Judge Randolph J. Moss..

Bartz represents the National Association for Fixed Annuities in the first of three lawsuits against the DOL. NAFA seeks a preliminary injunction.

FPA, CFP Board throw support behind DoL in fiduciary lawsuits

OnWallStreet; August 25 2016, 4:21pm EDT

The Department of Labor, fighting off industry attacks on its fiduciary rule in three cases, isn't alone in its struggle to move the industry to a stricter standard of care.

The department got a boost this week from the CFP Board, FPA and other organizations, which filed legal briefs in support of the regulation.

The moves come as oral arguments were heard in one of the cases on Thursday, the same day that Secretary of Labor Thomas Perez defended the rule while also rolling out new regulations to facilitate state-run retirement plans.

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