Judge Guts Retirement Class Action Against Pacific Life

Law360, New York (November 11, 2010, 3:27 PM EST) -- A federal judge has dismantled a putative class action alleging Pacific Life Insurance Co. knew — or should have known — that the sale of certain life insurance policies used to fund pension plans could violate federal tax regulations.

On Wednesday, Judge James I. Cohn of the U.S. District Court for the Southern District of Florida dismissed 10 of 11 claims levied by the plaintiffs against the insurer, though he allowed the plaintiffs to amend their complaint. Their breach of contract claim was the only one...
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