The National Association for Fixed Annuities is seeking an expedited review by the D.C. Circuit Court of Appeals of the ruling in its litigation challenging the Labor Department’s fiduciary regulation.
The ruling, by D.C. District Judge Randolph Moss, granted summary judgment to the DOL and denied NAFA's motion for a preliminary injunction in the first of the six legal challenges to the Labor Department’s regulation to come to trial.
“We are obviously disappointed by the court's decision, but we have always assumed this case would get decided by a higher court, and we are pleased the issues will get de novo review by the Circuit Court,” Chip Anderson, NAFA executive director, said in a statement reported by Investment News.
In denying NAFA’s motions for a preliminary injunction against the fiduciary rule and summary judgement, Judge Randolph Moss of the U.S. District Court for the District of Columbia succinctly took apart every argument the plaintiffs had made.
However, the NAFA suit was just the first to be ruled upon. Another (the District of Kansas) heard oral arguments on September 23, while still another – a consolidation of three separate lawsuits – is due for its hearing next week in another federal court (the 5th Circuit). The sixth, filed in the U.S. District Court for the District of Minnesota, is also pending. Not only are the cases filed in different federal court districts, there are significant differences in the causes of action alleged.
