5th Circ. Says Class Cert. Reversal Ends Tolling Period

Law360, New York (August 16, 2013, 2:50 PM EDT) -- The Fifth Circuit on Thursday upheld the dismissal of a proposed class action over an American International Group Inc. unit's allegedly deceptive sale of deferred annuities, saying the reversal of a prior suit’s class certification restarted a statute of repose that now bars the instant suit.

A unanimous appeals court found that named plaintiffs Brenda and John Hall were too late in bringing claims against the Variable Annuity Life Insurance Co. for allegedly pushing annuities with unnecessary tax-deferral features in order to beef up commissions....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.