Allianz Can't Dodge Racketeering Claims In Annuities Suit

Law360, New York (March 5, 2013, 7:49 PM EST) -- A California federal judge on Monday rejected Allianz Life Insurance Co. of North America's argument that federal racketeering claims are barred by reverse preemption in a pair of class actions accusing it of luring 200,000 seniors into buying deferred annuities.

U.S. District Judge Christina A. Snyder rejected the insurer's argument that class members in at least 16 states are barred from bringing Racketeer Influenced and Corrupt Organizations Act claims under the McCarran-Ferguson Act, which reverse-preempts federal claims that interfere with state insurance statutes.

Allianz stands accused...
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