Judge Slashes Claims Over Pacific Life Policies

Law360, New York (August 22, 2011, 3:54 PM EDT) -- A Florida federal judge on Monday trimmed a putative class action accusing Pacific Life Insurance Co. of misrepresenting certain life insurance policies that were intended to fund pension plans but were ultimately found to violate federal tax regulations.

U.S. District Judge James I. Cohn dismissed with prejudice multiple fraud-based claims, a negligence claim and a claim under California's Consumer Legal Remedies Act from the second amended complaint of named plaintiff and policy buyer Zarrella Construction Inc. The Internal Revenue Service audited the company after declaring that...
To view the full article, register now.