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....
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