A trade association and insurance industry plaintiffs suing to overturn the Department of Labor’s newest version of its fiduciary rule are following a similar playbook to litigants who successfully convinced an appeals court to vacate a previous iteration of the standard six years ago.
The DOL’s newest fiduciary rule finalized in late April prompted a swift legal response from insurance industry stakeholders, who sued May 2 in the US District Court for the Eastern District of Texas to block and vacate it and an accompanying amended prohibited transaction exemption.
The rules package that is set to go into effect Sept. ...
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