Allianz Can't Escape RICO Claims In Annuities Class Actions

Law360, New York (February 27, 2013, 8:08 PM EST) -- A California federal court on Monday rejected Allianz Life Insurance Co. of North America's third attempt to win summary judgment on Racketeer Influenced and Corrupt Organization Act claims in a pair of class actions accusing it of fraudulently luring 200,000 seniors to buy deferred annuities.

U.S. District Judge Christina Snyder refused to grant summary judgment on Allianz's argument that the plaintiffs failed the "distinctiveness" test of proving a RICO enterprise existed.

According to the suit, Allianz conspired with a network of field marketing organizations to induce...
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