A fiduciary-rule lawsuit fails

A fiduciary-rule lawsuit fails. A federal judge rejected a request from an insurance-industry group to block a new rule on retirement advice, handing an early victory to the Obama administration in its defense of the landmark regulation against a series of legal challenges.

Friday’s ruling by the U.S. District Court in Washington involved a case filed by the National Association for Fixed Annuities, or NAFA, which asked for a court order to place the rule’s implementation on hold. The rule has faced several lawsuits from the financial industry, which is concerned about sharp increases in their costs of doing business. The NAFA case is the first one to receive a court hearing, as well as a ruling. NAFA officials declined to comment immediately.