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August 15, 2016

Consumer groups reject DOL lawsuits

WASHINGTON — Three consumer groups are asking a D.C. federal court to deny a trade group’s request for an injunction that would bar the Department of Labor (DOL) from implementing its fiduciary standard rule next April, pending further legal proceedings.

The friend of the court brief was filed by Better Markets, Inc., Consumer Federation of America, and Americans for Financial Reform. It challenges a lawsuit seeking the injunction filed June 2 by the National Association for Fixed Annuities (NAFA).

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In their brief, Better Markets, CFA, and AFR take particular aim at a claim in the NAFA lawsuit that the DOL did not conduct an adequate cost-benefit analysis in justifying the rule. It is a recent trend for businesses seeking to throw out a federal rule to argue that crafters of the rule did not conduct an adequate study of the potential cost of the rule before implementing it.

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To read the full LifeHealthPro story by Arthur D. Postal click here.

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