Citizens Insurance Gets Securities Class Decertified

Law360, New York (December 14, 2009, 4:20 PM EST) -- A Texas state court has reversed its certification of a class of plaintiffs accusing Citizens Insurance Co. of America of selling policies out of compliance with state securities regulations, following orders from the state's highest court.

According to an 8-K form lodged Wednesday with the U.S. Securities and Exchange Commission, the Texas District Court in Austin decertified a class in a suit dating to 1999 that alleges the company ignored Texas State Securities Board regulations upon selling insurance policies to foreign purchasers.

The decision follows a...
To view the full article, register now.