DOL rule gets its first lawsuit

The new fiduciary rule, which had its final rule, published, got its first lawsuit.

The Federation of Americans for Consumer Choice (FACC), along with several independent insurance agents, filed a lawsuit in the U.S. District Court for the Eastern District of Texas against the Department of Labor (DOL).

FACC says it will seek a preliminary injunction to stop the new rule from taking effect while the case is contested.

FACC claims that by implementing a new fiduciary rule, the DOL has violated the Fifth Circuit’s 2018 rule that had vacated the department’s previous 2016 fiduciary legislation. Expect more litigation down the pike.

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