Court OKs Allianz's $100M Deal With Calif. Seniors

Law360, New York (March 7, 2011, 5:42 PM EST) -- A California federal judge Thursday signed off on a settlement valued at $100 million between Allianz Life Insurance Co. of North America and a class accusing the insurer of falsely marketing so-called bonus deferred annuities policies to senior citizens.

Judge Janis L. Sammartino of the U.S. District Court for the Southern District of California gave final approval to the settlement, which resolves claims that the insurer fraudulently sold California senior citizens deferred annuities while concealing costly penalties associated with them.

The settlement provides several categories of...
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