On March 23, 2018, the National Association for Fixed Annuities (“NAFA”) and the Department of Labor filed a Joint Stipulation of Dismissal of litigation involving the Department’s fiduciary rule in the District of Columbia Circuit.  NAFA had appealed a district court decision that dismissed NAFA’s challenge to the fiduciary rule.  The decision to drop that appeal comes a little over a week after the Fifth Circuit vacated the fiduciary rule.  As it stands now, the Fifth Circuit’s decision vacating the fiduciary rule will remain the only appellate decision on the merits of the rule in its entirety.  Although the Department announced that it will not enforce the rule, it has not withdrawn the rule and still has a right to request a rehearing on the Fifth Circuit’s decision or it may petition the Supreme Court for certiorari.   The case is  Nat’l Assoc. for Fixed Annuities v. Acosta, D.C. Cir., No. 16-5345.

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