The U.S. Court of Appeals for the D.C. Circuit has ruled on lawsuits brought against the SEC to vacate Rule 151A. A copy of the decision in American Equity Investment Life Insurance Company, et al. v. SEC is available here . The Petitioners in this case argued that the Rule should be overturned for two reasons: (1) it promulgated an unreasonable interpretation of the term "annuity contract"; and (2) the SEC's action was arbitrary and capricious because the SEC failed in its obligation to consider the effect of the Rule on efficiency, competition and capital formation. Jorden Burt submitted an amicus brief on behalf of a client in support of the Petitioners' challenge.

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