Two new lawsuits seeking to vacate the U.S. Department of Labor’s fiduciary rule have been filed, bringing the latest total to four lawsuits.
The third lawsuit is from a consortium of insurance industry trade groups, and the fourth is by a trade organization representing fixed indexed annuities and several insurance company issuers of those products.
ACLI, NAIFA and affiliates v. Department of Labor
The Washington, D.C.-based American Council of Life Insurers, the Falls Church, Va.-based National Association of Insurance and Financial Advisors, and several of NAIFA’s regional affiliates have filed suit in U.S. District Court for the Northern District of Texas, alleging the Labor Department's rule is in breach of the Administrative Procedure Act and the First Amendment of the U.S. Constitution.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
