NAFA Files Appeal Of DOL Rule Lawsuit Decision

The National Association for Fixed Annuities filed a motion for an expedited appeal in its lawsuit to stop the Department of Labor fiduciary rule.

Judge Randolph D. Moss denied NAFA's motion for a preliminary injunction Nov. 4.

As part of the ruling in District of Columbia District Court, Moss granted the DOL request for summary judgement.

In its new filing, NAFA attorneys urged Moss to rule quickly.

"It is imperative that the motion be heard and resolved by this court as soon as possible," the filing reads. "There are now less than five months left until the April 10, 2017, applicability date, and NAFA’s members already are facing irreversible and irreparable harm to their businesses."

Moss presided over an Aug. 25 hearing in which he challenged NAFA attorney Philip Bartz with lengthy questioning.

The NAFA case is one of four lawsuits opposing the DOL rule.

The third and final of the original lawsuits will be heard Thursday in a Dallas federal court, a consolidated case led by the U.S. Chamber of Commerce. The second lawsuit, filed by Market Synergy Group, was heard Sept. 21 in a U.S. District Court in Kansas.

All three lawsuits make similar claims that the DOL was “arbitrary and capricious” and overstepped its authority with the fiduciary rule.

A fourth case – Thrivent Financial vs. Department of Labor – takes a different route in challenging the DOL’s class-action provision. It will be heard March 2 in St. Paul, Minn.

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].

© Entire contents copyright 2016 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.

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]. Follow him on Twitter @INNJohnH.