Allianz, Minnesota AG Settle Annuities Suit

Law360, New York (October 9, 2007, 12:00 AM EDT) -- Allianz Life Insurance Company of North America has settled civil charges that it exploited senior citizens by selling them long-term deferred annuities and misrepresenting the annuities' terms, Minnesota Attorney General Lori Swanson announced Monday.

In many cases, the annuities locked up savings for years longer than the policyholders’ life expectancies, the attorney general had charged.

Judge Kevin S. Burke of the Hennepin County District Court in Minnesota approved the settlement Monday, according to Swanson's office.

Under the settlement, the attorney general's office and Allianz will cooperate...
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