Court date set for lawsuit against DOL fiduciary rule

A court date has been set for Market Synergy Group Inc.’s lawsuit targeting a Labor Department regulation raising investment advice standards in retirement accounts.
A motion hearing is scheduled for Aug. 24 at 1 p.m. before District Judge Daniel D. Crabtree, according to a July 6 filing with the U.S. District Court for the District of Kansas.
The lawsuit, Market Synergy Group, Inc. v. United States Department of Labor et al, was filed June 8. It seeks an injunction to stop the fiduciary rule.
Market Synergy, which comprises a network of independent insurance marketing organizations, is just one of several parties to have filed suit against the Department of Labor over its fiduciary rule.
The Aug. 24 court date makes it the earliest to go before a judge of the lawsuits filed thus far. A hearing on summary judgment in a suit filed by the National Association for Fixed Annuities has been scheduled for 2 p.m. on Aug. 25 in a Washington, D.C. district court. The court date for another consolidated lawsuit isn’t yet clear.
Many of the suits’ plaintiffs, such as Market Synergy, the Insured Retirement Institute, American Council of Life Insurers and National Association for Fixed Annuities, represent the interests of insurance companies. Many believe some of the largest effects of the rule will be felt by insurance products such as fixed indexed annuities and variable annuities.