Judge OKs Annuity Sales Settlement Worth Up To $530M

Law360, New York (December 21, 2009, 4:05 PM EST) -- A federal judge has given final approval to a settlement valued as high as $530 million between Aviva USA and hundreds of thousands of individuals who claim they purchased fraudulently marketed annuities.

Judge Mary A. McLaughlin of the U.S. District Court for the Eastern District of Pennsylvania signed off on the deal Friday, bringing to an end more than five years of litigation that saw more than 200,000 documents produced during the course of discovery.

“We're pleased that the court has recognized the value of the...
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