A Kansas federal judge has rejected the insurer Market Synergy's request for a preliminary injunction to block the Department of Labor's fiduciary rule – the second legal victory for Labor's rule aimed at mitigating conflicts of interest in the retirement advice market.
In his 63-page ruling, issued Monday, Judge Daniel Crabtree ruled that Market Synergy did not prove that DOL failed to follow appropriate procedures under the Administrative Procedures Act and Regulatory Flexibility Act of 1980 by putting fixed indexed annuities under the DOL rule's best interest contract exemption, or BICE.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
