Thrivent Financial for Lutherans, the insurer suing the Department of Labor over its fiduciary rule, said Monday that it plans to file a preliminary injunction soon to halt the anti-arbitration clause set out in the rule's best-interest contract exemption.
In a Monday letter to Judge Susan Richard Nelson in the U.S. District Court for the District of Minnesota, the lead attorney for Thrivent, Andrew Kay, said that due to Labor's refusal to address Thrivent's concerns about "the anti-arbitration condition that remains part of the [best-interest contract exemption]" to the fiduciary rule, Thrivent intends to "file soon" a motion for preliminary injunction.
Thrivent became the sixth plaintiff to lob a complaint against Labor's fiduciary rule when the insurer filed a suit last September challenging the class-action waiver requirement under the rule's best-interest contract exemption, or BICE.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.