First on the Docket: Market Synergy v. DOL Fiduciary Rule
July 11, 2016 by John Hilton
A Topeka, Kan. court will hear arguments Aug. 24 on insurance agency Market Synergy Group’s lawsuit to stop the Department of Labor fiduciary rule.
The Market Synergy lawsuit in U.S. District Court for the District of Kansas is one of three lawsuits seeking a preliminary injunction. As it stands, it will be the first appeal to be heard.
A lawsuit filed in District of Columbia District Court by the National Association for Fixed Annuities has an Aug. 25 hearing date. Three lawsuits filed by several plaintiffs in U.S. District Court Northern District of Texas were consolidated by the court.
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I can attest that the rule change was totally unexpected by the fixed indexed annuity industry,” Sheryl Moore wrote in her affidavit. “The rule change directly threatens the viability of the predominant distribution channel for fixed indexed annuities through independent agents who are not affiliated with a broker-dealer.”
