Class Action Over Jackson National Annuities Tossed

Law360, New York (October 7, 2010, 2:33 PM EDT) -- A federal judge has nixed a class action brought by senior citizens who accused Jackson National Life Insurance Co. of violating the Racketeer Influenced and Corrupt Organizations Act and a state financial elder abuse law by hiding fees when selling its deferred annuities.

Rejecting the plaintiffs' theories of fraud, Judge Claudia Wilken of the U.S. District Court for the Northern District of California on Wednesday granted summary judgment to Jackson National.

The suit accused Jackson National of targeting senior citizens for its deferred annuity products, which...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.