NAFA Files For Emergency Injunction Against DOL Rule
December 1, 2016 by Steve Morelli
The National Association for Fixed Annuities is asking an appellate court for an emergency injunction to suspend the Department of Labor’s fiduciary rule after a lower court refused NAFA’s request for a preliminary injunction.
The appeal filed Tuesday claims that NAFA members, which are marketing organizations and their advisors, will be “forced to accelerate irreversible, costly and industry-altering actions in the weeks ahead to restructure their entire distribution system, which has been in place for decades.”
NAFA, represented by Bryan Cave law firm in Washington, D.C., said that maintaining the status quo of the annuity distribution system is important because the preparation to meet the April 10 applicability deadline would inflict the harm that the association’s lawsuit is trying to prevent.
Click HERE to view the full story via INN; subscription required