A federal appeals court has denied a major industry group's challenge to the U.S. Department of Labor's Conflict of Interest Rule.

A three-judge panel for the U.S. Court of Appeals for the District of Columbia Circuit refused to overturn an earlier decision and institute an injunction halting the rule, a move requested by the National Association for Fixed Annuities.

The association sued the Labor Department and Secretary Thomas Perez in June in an attempt to stay the rule. In November, a district court denied the association's request for an injunction, which the group appealed days later.