Calif. Court Affirms AIG, PwC Win Over Annuity Losses

Law360, New York (November 10, 2011, 6:39 PM EST) -- A California appeals court on Wednesday upheld a lower court's ruling that several annuitants and annuity sales representatives do not have standing to bring unfair competition claims against American International Group Inc. and PricewaterhouseCoopers over the loss in value of their investments.

The appeals court ruled that the plaintiffs had failed to allege specific, identifiable injury and relied too heavily on broad allegations of financial loss, saying they complained about misconduct but failed to connect the dots between alleged misconduct and purported damage.

“In essence, they...
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