The court date on insurance agency Market Synergy Group’s lawsuit to stop the Department of Labor fiduciary rule has been pushed back to Sept. 21, according to a new court filing.
The Market Synergy lawsuit in U.S. District Court for the District of Kansas is one of three lawsuits seeking a preliminary injunction. It was the first case to be heard on Aug. 24.
A lawsuit filed in District of Columbia District Court by the National Association for Fixed Annuities has an Aug. 25 hearing date. Three lawsuits filed by several plaintiffs in U.S. District Court Northern District of Texas were consolidated by the court and will be heard Nov. 17.
Market Synergy is represented by Carlton Fields Jorden Burt, a Washington D.C. law firm.
Plaintiffs in the Northern District of Texas lawsuit include the U.S. Chamber of Commerce, the Indexed Annuity Leadership Council, the American Council of Life Insurers and the National Association of Insurance and Financial Advisors.
The initial requirements of the fiduciary rule are set to take effect April 10, 2017, with the full rule to apply on Jan. 1, 2018.
At more than 1,000 pages, the rule will impose the most far-reaching changes to the management of money flowing into qualified retirement account.
Regulators say the rule is necessary because it protects investors in an era when more Americans are managing their own retirements.
Opponents, including insurers and distributors, say many financial advisors will leave the business or abandon marginally profitable retirement accounts and leave middle-class retirement investors without the retirement guidance they need.
InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]
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