Judge Susan Richard Nelson scheduled a March 3, 2017 hearing on Thrivent Financial’s request for a preliminary injunction against the Department of Labor fiduciary rule.
Filed in U.S. District Court for the District of Minnesota, Thrivent’s 29-page lawsuit claimed the DOL rule will render its dispute resolution mechanism obsolete.
Although five other lawsuits have been filed against the fiduciary rule since June, what makes Thrivent’s suit different is that the organization takes no issue with the overall rule. The complaint specifically asks the court to overturn the class-action component.
The DOL seeks to establish a new standard of care that eliminates compensation conflicts for anyone dealing with retirement funds. The fiduciary rule begins taking effect in April 2017.
A Thrivent spokeswoman said this week that the company does not comment on litigation. Read more details on the lawsuit here.
InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at firstname.lastname@example.org.
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