Lawsuit Filed to Overturn DOL Fiduciary Rule

Insurance marketing organizations want the Department of Labor fiduciary rule delayed. In particular, so the department can fix an exemption that will allow marketing organizations to sell certain annuities.

Nine co-plaintiffs filed a lawsuit in U.S. District Court to stop the Department of Labor fiduciary rule. The lawsuit seeks an injunction, which could delay the rule until the next administration.

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Terry DuP{ont

Kudos
- Susan Golinske
  
  Amen!
Bill Broich

Common sense will prevail, this lawsuit will be successful, the DOL far overstated it’s power, which seems to be the goal of Washington lately.
Dan Barnard

The DOL just hit a brick wall. Emboldened by the health care madate, the DOL engaged in a desperate bid to ram this burdensome legislation down the throats of the consumer. However, despite Obama care, this is not a Banana republic where ridiculos legislation goes unchallenged. Expect to see more of the same as the legacy of this administration is relegated to the ash bin of history
- Neil Cubberley
  
  Dan is correct and this suit will embolden others to jump on.
  
  I believe that the ultimate intent of this “Rule” was to shut down the Financial Services industry and open the door for the bureaucracy to take over.
Bert Livingston

Perfect, now we will see the “fee only” folks scurry around trying another way to limit commissions and “conflicts of interest” that they used to push this agenda up the line…Great way to finally get down to the nuts and bolts of free trade here in our own country!
C. Gerald Simon, C.L.U.–51 years in the business

Mr. Perez and his cohorts have never made a true retirement product sale in their lives . But my, they say they have such “knowledge”.

The D.O.L. ruling should should go the way of Rule 151(a). The following statement is meant to be a joke: Mr. Perez, go back to the F.D.I.C.
Chad Terpstra

Fight these liberal morons. Don’t let Obama leave office having imposed socialism on this industry
Mark Baldassarre Financial Planner

Irony is the hallmark of liberals. Everything they do under the guise of being “for the benefit of the people” never benefits the people…unless “the people” in question are liberal elitists. The DOL [Dept of Liberals] is clear evidence of this.
A grown man can now chose to use the ladies room at will, but isn’t allowed to make a decision regarding his own finances!
There is no question about it, liberals are trying to ruin this country from the inside. Obama’s sicking the DOL on the financial industry is one of many ways he and his cronies are attempting to create more dependence on the government. Annuities for example; have saved many retirees [and will save many more] from losing their retirement life savings. ..yet this clown wants to penalize people who write them by killing THEIR livelihood.
Less choices will cause a massive vacuum where people will end up w/far less retirement savings, thus far more dependence on the government. A retirement welfare state is the liberal’s objective. Government controlling your guns and your money leaves you with Nazi Germany. This generation already has a retirement epidemic to deal with as a result of the elimination of pensions. These enemies of the state need to be stopped.
I have hundreds of clients over 30 years in this business [all of which I’ve made upfront commissions from] and never even had ONE complaint! Lots of referrals, but never a complaint.
The real threat to retirement savers is not a lack of fiduciary responsibility by advisors, it’s the government!