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...
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