Allstate Dodges Deferred Annuities Fees Disclosure Suit

Law360, New York (November 15, 2012, 2:23 PM EST) -- A California federal judge on Wednesday dismissed a putative class action accusing Allstate Life Insurance Co. of deceptive marketing to the elderly and of failing to properly reveal surrender charges, ruling that the alleged violations of the state's insurance law are not applicable to group annuity master policies.

The son of a deceased Allstate policyholder accused the insurer of failing to comply with disclosure requirements of the California insurance code, but U.S. District Judge Maxine M. Chesney said Allstate was not obligated to follow those requirements...
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