The U.S. Department of Labor has proposed a new fiduciary duty rule that would require the financial services industry to comply with rigorous “transparency standards” by April 2017. As of June 27, 2016, there are at least five lawsuits challenging the rule. Three were filed in the US District Court for the Northern District of Texas; one in Washington DC and the last in a Kansas District Court. The Washington D.C. suit was brought by the National Association of Fixed Annuities and a hearing for summary judgment in that matter has been set for August 25, 2016. Chief Judge Barbara M. G. Lynn consolidated the three Texas suits late last week. The parties agreed to an expeditious scheduling order and Chief Judge Lynn agreed to a briefing schedule to have cross-motions for summary judgment without discovery heard as soon as the middle of October.
Business law attorney James C. MacGillis regularly represents clients in the financial industry. James can be reached at 612-455-0503 or email@example.com. Trepanier MacGillis Battina P.A. is a business law firm located in Minneapolis, Minnesota.”