NAFA appeals court victory for DOL fiduciary rule
The Labor Department is coming off a big win, but will the judgment have legs in this appeal and the five other suits still pending against the regulation?
Nov 7, 2016 @ 2:04 pm | By Mark Schoeff Jr. | Investment News
The Labor Department is off to a good start defending in court a regulation that would raise investment advice standards for retirement accounts, but it’s the early innings of a long game.
The first decision last Friday, in which the DOL rule was upheld by a federal court judge in Washington, has been appealed by the group bringing the action.
The National Association for Fixed Annuities announced Monday it is seeking expedited review by the D.C. Circuit Court of Appeals of the ruling by D.C. District Judge Randolph Moss, which granted summary judgment to the DOL and denied NAFA’s motion for a preliminary injunction.