WASHINGTON (Dec. 1, 2016) — NAFA, the National Association for Fixed Annuities, announced Tuesday that it has filed an emergency motion for an injunction pending appeal with the U.S. Court of Appeals for the District of Columbia Circuit. The appeal is from an order and memorandum opinion of the federal district court issued Nov. 4 denying NAFA’s application for a preliminary injunction and motion for summary judgement in NAFA’s lawsuit against the Department of Labor’s fiduciary rule, and a subsequent district court order issued Nov. 23 denying NAFA’s motion for an injunction pending appeal.
“We are aggressively moving forward with our appeal of the lower court’s decision, but our immediate concern is to stay the rule’s implementation date set for April 10, 2017. With every passing day NAFA members are incurring excessive and unrecoverable expenses as they attempt to navigate the rule’s byzantine compliance regime. Moreover, we are extremely concerned about how quickly consumers may face an environment in which they no longer have access to the products and professional advice needed to retire with confidence,” said Chip Anderson, NAFA’s Executive Director.
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