Last week, the Department of Labor filed appeals in two Texas federal courts, seeking to overturn stays of its controversial new fiduciary rule, which had been set to take effect on September 23.

The DOL Retirement Security Rule, which extends a fiduciary standard of responsiblity to most annuity transactions, was published in the Federal Register on April 25. However, two lawsuits immediately followed, making a similar argument: The new rule must abide by the precedent set by a 2018 ruling from the Fifth Circuit.

The DOL's one-page appeals, which did not provide its full argument against the plaintiffs in the two lawsuits, follows two federal courts issued stays in late July in an effort to delay implementation of the new fiduciary rule, which has been beset by lawsuits and Congressional efforts. The new rule, which is the DOL's latest attempt to extend fiduciary responsibilities to annuity sales, has hit legal roadblocks from the get-go filed by industry firms and member trade groups.