5th Circ. Kills RICO Suit Over Aviva Insurance Tax Shelters

Law360, New York (September 10, 2012, 7:40 PM EDT) -- The Fifth Circuit on Friday affirmed a lower court's dismissal of a putative racketeering class action against Aviva Life and Annuity Co. over allegations that it improperly marketed a tax-free benefit plan without disclosing Internal Revenue Service concerns over its legality.

A group of plaintiffs who signed on to an Aviva tax-free benefit plan that was represented as a safe retirement vehicle said the insurer knew that the IRS had long-time doubts about similar arrangements, which the agency had labeled "abusive tax shelters," leaving Aviva in...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.