An alliance of insurance industry associations sued to wipe out the US Labor Department’s fiduciary rule, marking the second legal challenge to the new standard intended to bolster protections for retirement investors.
The American Council of Life Insurers and eight other trade groups filed a lawsuit Friday in the Northern District of Texas. The associations argue that the regulation exceeds the scope of the DOL’s authority, is arbitrary and capricious, and violates the US Constitution.
Like the business plaintiff who filed the first lawsuit against the measure, the insurance groups appear to be following the same gameplan as the litigants ...
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