The National Association for Fixed Annuities’ board said Friday that it withdrew its appeal against the Labor Department’s fiduciary rule, saying the March 15 decision by the U.S Court of Appeals for the 5th Circuit to vacate Labor’s rule “vindicates” NAFA’s concerns.
NAFA and the Justice Department agreed to a voluntary dismissal of the appeal.
“We are very pleased the 5th Circuit understood the harms the fiduciary rule created for middle American retirement savers,” said NAFA Executive Director Chip Anderson in a statement, adding that NAFA sees “no reason to continue to pursue our litigation in another federal circuit court.”
NAFA had filed its complaint against Labor’s rule in the U.S. Court of Appeals for the D.C. Circuit. That court on Nov. 14 granted NAFAs’ motion to delay the oral arguments in NAFA’s appeal against the fiduciary rule until a decision was made in the 5th Circuit.