Fraternal Benefit Society Sues DOL, Perez Over New Fiduciary Rule

Mealey's (October 3, 2016, 8:37 AM EDT) -- MINNEAPOLIS — A membership-owned and member-governed fraternal benefit society of Christians on Sept. 29 filed a lawsuit in Minnesota federal court against the U.S. Department of Labor (DOL) and Labor Secretary Thomas E. Perez seeking judicial review of the DOL’s issuance of regulations promulgating a new definition of investment advice fiduciary under the Employee Retirement Income Security Act, which it says could expose it to breach of contract and class action lawsuits (Thrivent Financial for Lutherans v. Thomas E. Perez, et al., No. 0:16-cv-03289, D. Minn.)....

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