Washington, D.C. (PRWEB) December 07, 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 (No. 16–5345). 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 judgment 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.
NAFA originally filed suit against the DOL’s fiduciary rule on June 2, 2016 (Civil Action No. 1:16-cv-1035). District of Columbia federal judge Randolph D. Moss then presided over an Aug. 25 hearing before issuing his Nov. 4 ruling. NAFA’s latest efforts to stay the rule’s implementation date were made in order to avoid the alleged “irreversible and irreparable harm” the suit claims its members will incur before the appellate court can hear NAFA’s appeal on its merits.
“Continued record sales of fixed and fixed indexed annuities underscore their ability to protect consumers from outliving their assets, a very real concern for the thousands of baby boomers retiring every day, as well as those in subsequent generations. As the only organization dedicated to promoting the awareness and understanding of these valuable products, we will continue to pursue every angle possible to uphold an already well-regulated marketplace and the future of American retirement,” Anderson added.
NAFA, the National Association for Fixed Annuities, is the premier trade association exclusively dedicated to fixed annuities. Our mission is to promote the awareness and understanding of fixed annuities. We educate annuity salespeople, regulators, legislators, journalists, and industry personnel about the value of fixed annuities and their benefits to consumers. NAFA's membership represents every aspect of the fixed annuity marketplace covering 85% of fixed annuities sold by independent agents, advisors and brokers. NAFA was founded in 1998. For more information, visit http://www.nafa.com.