Judge Sets Hearing on Thrivent vs. DOL Lawsuit
Judge Susan Richard Nelson scheduled a MarchĀ 3, 2017Ā 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, Thriventās 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 DOLĀ seeks to establish a new standard of care that eliminates compensation conflictsĀ for anyone dealing with retirement funds. TheĀ fiduciary rule begins taking effect in April 2017.
A Thrivent spokeswoman said this week thatĀ 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 [email protected].
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