American National To Pay $9M To End Class Action

Law360, New York (June 8, 2011, 6:29 PM EDT) -- A California federal judge on Wednesday preliminarily approved a settlement of more than $9 million between American National Insurance Co. and a class of seniors who alleged the insurer charged them hidden costs on annuities.

U.S. District Judge Susan Illston signed off on the settlement agreement and preliminarily approved a class that includes the owners of more than 10,000 American National annuities issued in California between the beginning of 2002 and the end of 2010.

Plaintiff Daphne Rand, now deceased, filed the suit in 2009, accusing...
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