Annuity Sellers Challenge Fiduciary Rule in Federal Court
February 8, 2022 by Nevin E. Adams, JD
Noting that “pouring the same old wine into a new bottle does not change the result,” a new lawsuit seeks to vacate the Labor Department’s fiduciary rule as expressed in PTE 2020-02.
The suit—filed by the Federation of Americans for Consumer Choice Inc., joined by several advisors and advisory firms that sell annuities as part of their practice(s) (all of which are said to be licensed insurance agents in the State of Texas and members of the FACC—explains that “the Agent Plaintiffs oftentimes make rollover recommendations for purchase of annuities to IRA owners and participants in employer-sponsored 401k and similar benefit plans, for which they receive commissions or other compensation from annuity issuers.
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