ACLI Moves Closer to Fiduciary Lawsuit
May 11, 2016 by John Hilton
The American Council of Life Insurers moved one step closer to a legal challenge of the controversial Department of Labor fiduciary rule.
“The ACLI Board of Directors has approved exploring the details of a legal challenge to the Department of Labor’s fiduciary regulation,” spokesman Jack Dolan said in a statement. “ACLI will make strategic decisions based on further direction given by our member companies.”
ACLI represents about 300 insurance companies in the United States and abroad. The board action represents the most serious move to date to challenge the fiduciary rule in court.
Opponents are expected to seek an injunction, which must be filed within 60 days of the rule’s April 6 publication. Judges are loathe to grant injunctions, which require plaintiffs to show irreparable harm.
An injunction would put an immediate halt to the rule, and most likely punt it into the next administration.
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