The National Association of Fixed Annuities, the trade organization that represents 85 percent of the fixed annuity market, said it would appeal the ruling from the U.S. District Court for the District of Columbia that upheld the Department of Labor's fiduciary rule.
Judge Randolph Moss denied NAFA's motions for preliminary injunction and summary judgment. NAFA's suit challenged DOL's authority to promulgate the rule on six counts, brought under the Administrative Procedures Act and the Regulatory Flexibility Act.
"We are obviously disappointed by the court's decision, but we have always assumed this case would get decided by a higher court and we are pleased the issues will get de novo review by the Circuit Court," said Chip Anderson, executive director of NAFA, in a statement.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
