Class Claims Axed In Tax Shelter Suit Against Insurer

Law360, New York (June 16, 2014, 6:09 PM EDT) -- A North Carolina federal judge on Monday axed class action claims in a lawsuit alleging The Lincoln National Life Insurance Co. disguised abusive tax shelters as welfare benefit plans, saying the claims will be better pursued individually.

U.S. District Judge Catherine C. Eagles said the class action claims, which allege under state law that Lincoln National made untrue statements of material fact in selling a now-infamous plan called the Benistar 419 Plan, are barred by the Securities Litigation Uniform Standards Act, which prohibits class action suits...
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