Tough Questioning In DOL Rule Injunction Hearing
August 26, 2016 by John Hilton
WASHINGTON, D.C. –The motion to delay the Department of Labor’s fiduciary rule has an uphill fight, judging by the challenging line of questioning leveled at the attorney asking for the injunction.
Philip D. Bartz opened the industry’s legal assault on the federal fiduciary rule Thursday with 90 minutes of tough questioning from U.S. District Court for District of Columbia Judge Randolph J. Moss.
Bartz represents the National Association for Fixed Annuities in the first of three lawsuits against the DOL. NAFA seeks a preliminary injunction.
Moss adjourned the hearing without a decision after more than three hours of testimony.
At one point, Bartz and Moss had an extended back and forth about whether the DOL has the authority to extend ERISA law to IRAs.
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