Thrivent Financial for Lutherans is accusing the Department of Labor of exceeding its statutory authority by attempting, with its new fiduciary rule, to force all disputes into federal court rather than allowing for alternative dispute resolution methods (Thrivent Financial for Lutherans v. Perez, D. Minn., 0:16-cv-03289, complaint filed 9/29/16).
Thrivent’s lawsuit, filed Sept. 29 in the U.S. District Court for the District of Minnesota, takes aim at the rule’s “best interest contract” (BIC) exemption. The exemption allows financial advisers to use certain compensation arrangements that might otherwise be forbidden as long as they put ...