Class Status Denied In Suit Over Midland Annuities

Law360, New York (July 24, 2009, 5:04 PM EDT) -- A federal judge has declined to certify a class of fixed indexed annuity investors in a lawsuit alleging that Midland National Life Insurance Co. breached its contracts with certain annuity buyers by incorrectly determining index values used to calculate a portion of the proceeds.

Judge Robert W. Pratt of the U.S. District Court for the Southern District of Iowa on Thursday ruled that the facts for specific investors would be too individualized to allow their claims to be pursued as a class.

Although the named plaintiff,...
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