Life Insurers Beat Tax Shelter Class Action

Law360, New York (August 12, 2011, 1:29 PM EDT) -- A Texas judge on Thursday closed the book on a putative class action accusing several life insurance companies of marketing an employee-defined benefit plan that was also an illegal tax shelter, ruling that a third amended complaint didn't cure deficiencies with their claims.

Judge Jane J. Boyle dismissed fraud and other claims against Hartford Life and Annuity Insurance Co., Pacific Life Insurance Co. and American General Life Insurance Co. with prejudice, noting that the plaintiffs “have had multiple opportunities to state a claim.”

Allowing the plaintiffs,...
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