AIG Unit Annuities Suit Was Timely, Plaintiffs Tell 5th Circ.

Law360, New York (October 15, 2012, 8:53 PM EDT) -- Plaintiffs in a putative class action argued Friday that the Fifth Circuit should revive their lawsuit accusing an American International Group Inc. subsidiary of violating securities laws while selling deferred annuities because their claims were not time-barred.

The lawsuit claims that The Variable Annuity Life Insurance Co. misled putative class members when it sold them annuities that included tax-deferral features they did not need, part of a scheme to reel in larger commissions.

Named plaintiffs Brenda and John Hall told the Fifth Circuit that a federal...
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