DOL Notches Win Against Insurer's Fiduciary Rule Challenge

By Suevon Lee (February 17, 2017, 10:26 PM EST) -- A Kansas federal judge on Friday sided with the U.S. Department of Labor in upholding a new fiduciary rule for retirement account advisers related to fixed indexed annuity sales, finding the agency did not exceed its authority in ushering it in.

U.S. District Judge Daniel D. Crabtree  granted summary judgment to the DOL in a challenge brought by the insurance group, Market Synergy Group Inc. The decision, which relied much upon a prior order denying the group a preliminary injunction, said no additional evidence has come to the court's attention to deviate from that past ruling.

"The court believes it reached...

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