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Nov. 30 — The National Association for Fixed Annuities isn’t giving up its fight to block the Labor Department’s fiduciary rule from taking effect in April ( Nat’l Ass’n for Fixed Annuities v. Perez , No. 16-5345 (D.C. Cir. 11/29/16) (emergency motion for injunction filed)).
After losing tworounds with a district judge, NAFA on Nov. 29 filed an emergency motion asking the U.S. Court of Appeals for the D.C. Circuit to halt the rule while NAFA’s appeal proceeds. NAFA claims that without a delay, the annuity industry will be forced to take “irreversible, costly, and industry-altering actions” that would render the D.C. Circuit’s ultimate decision “meaningless.”
Six pending lawsuits challenge the DOL’s fiduciary rule, which is aimed at reducing the allegedly conflicted investment advice given to retirement savers. On Nov. 28, a federal judge in Kansas became the second judge to rule for the DOL when he denied a request to delay the rule’s enforcement. The next ruling is expected to come from a Texas-based judge appointed by former President Bill Clinton.
According to NAFA, an injunction is especially necessary after the election of a new presidential administration, which “may consider delay or repeal of a Rule purposely designed to take effect in one administration but not become ‘applicable’ until the next.”
Bryan Cave LLP represents NAFA.
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Text of NAFA’s motion is at http://www.bloomberglaw.com/public/document/National_Association_for_Fixed_v_DOL_et_al_Docket_No_1605345_DC_C/1.
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