DOL Fiduciary News: August 30, 2016
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D.C. court likely to uphold fiduciary rule in NAFA case
BenefitsPro.com; Aug 29, 2016
The U.S. District Court for the District of Columbia will most likely deny the National Association for Fixed Annuities request for an injunction against the U.S. Department of Labor’s fiduciary rule, according to one legal expert.
Erin Sweeney, an attorney with Miller & Chevalier Chartered, said the line of questioning from Judge Randolph Moss, a 2014 Obama administration appointee, suggested he will uphold the Labor Department's rule on the grounds that NAFA failed to persuasively argue the rule will cause providers and distributors of fixed indexed annuities irreparable harm.