A Texas judge set a Nov. 17 hearing date for the largest lawsuit challenging the Department of Labor fiduciary rule.
That date puts the group of plaintiffs, headed by the U.S. Chamber of Commerce, well behind the court schedule of the other two lawsuits. The DOL rule establishes a fiduciary standard of conduct for all advisors working with retirement funds. All three lawsuits seek a preliminary injunction to stop the rule from taking effect.
A lawsuit by Market Synergy Group in Kansas federal court will be heard Aug. 24, one day before a hearing in Washington, D.C. district court on a complaint filed by the National Association for Fixed Annuities.
Three lawsuits filed by several plaintiffs in U.S. District Court Northern District of Texas were consolidated by the court. In addition to the U.S. Chamber, other plaintiffs include the Indexed Annuity Leadership Council, the American Council of Life Insurers and the National Association of Insurance and Financial Advisors.
Attorneys on both sides agreed to a longer schedule in that case. The schedule will have attorneys making oral arguments on the fiduciary rule before a judge by the end of October.
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.
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]