More Fiduciary Coverage » DOL fiduciary rule lawsuit withdrawn by fixed annuities group in DC federal court

March 27, 2018 by Mark Schoeff Jr.

The National Association of Fixed Annuities withdrew its lawsuit late last Friday against the Labor Department’s fiduciary rule that was pending in the D.C. Circuit Court of Appeals.

NAFA said the recent decision by the 5th Circuit Court of Appeals striking down the fiduciary rule in a lawsuit brought by several financial industry trade associations obviated the need for its suit.

“We are very pleased the 5th Circuit understood the harms the fiduciary rule created for middle American retirement savers,” NAFA executive director Chip Anderson said in a statement.

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Originally Posted at InvestmentNews on March 26, 2018 by Mark Schoeff Jr..