On Friday, a US federal court denied a motion from an annuity sales group to defeat the incoming fiduciary standard for those advising on retirement. There is some hope!! See: Federal Court rejects NAFA attempt to kill fiduciary standard rule:
In the first court decision involving a legal challenge to the DOL rule, U.S. district judge Randolph Moss in Washington, D.C., turned back the challenge brought by the National Association for Fixed Annuities.
In addition to seeking a preliminary injunction to delay the implementation date, NAFA also was asking the court to vacate and set aside the fiduciary rule and its associated exemptions…
Secretary of Labor Thomas Perez, named in the suit, called the ruling “a win for working Americans who simply want a secure retirement.”
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