RE: UPDATE ON NAFA’S FIGHT TO DEFEAT THE DOL FIDUCIARY DUTY RULE
Things are moving fast and furious as NAFA continues to fight the DOL fiduciary duty rule on all fronts: legislatively through Congress, administratively through the agency rulemaking process, and, of course, through the courts with our ongoing lawsuit in the U.S. Court of Appeals for the District of Columbia Circuit.
Additionally, there has been activity in the three other lawsuits brought in Kansas, Texas, and Minnesota:
- On February 8th, the Texas court granted summary judgment in favor of the Department of Labor. Plaintiffs in that consolidated lawsuit, led by the U.S. Chamber of Commerce, have thirty (30) days to file notice of appeal.
- On February 17th, the Kansas court granted summary judgment for the DOL, issuing the following opinion. There too, the plaintiff, Market Synergy Group, has 30 days to notice an appeal of that judgment.
- In the Minnesota case, where oral argument had been set for Friday, March 3rd, the Department filed a request for stay in that matter, which was opposed by the plaintiff, Thrivent Financial for Lutherans, on February 17th, on both procedural and substantive grounds.
NAFA continues to monitor all developments regarding the fiduciary duty rule and will continue to work all channels to have the rule rescinded.