ING, Plaintiffs Talk Settlement In Annuity Contract Suit

Law360, New York (July 13, 2011, 7:07 PM EDT) -- ING North America Insurance Corp. and two affiliated companies entered settlement talks Wednesday with plaintiffs in a Florida putative class action alleging they failed to honor annuity contracts.

U.S. District Judge John E. Steele granted the parties' joint motion for a 30-day stay in the proceedings while they try to negotiate a settlement.

Named plaintiff Michael Malone filed suit in February accusing the ING companies of rescinding his ING GoldenSelect ES II annuity contract after they received his initial premium payment and therefore entered into the...
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