Allianz Wins OK For $251M Annuity Deal After ‘Fierce’ Fight
Law360, Los Angeles (February 23, 2015, 7:16 PM EST) -- A California federal judge on Monday overruled objectors and approved Allianz Life Insurance Co. of North America’s $251 million settlement of two racketeering class actions alleging it lured 238,000 seniors into buying poorly performing deferred annuities, ruling the deal is a fair end to the “fierce” litigation.
The plaintiffs accused Allianz of conspiring through a racketeering enterprise with a network of field marketing organizations to induce class members to buy deferred annuities through misleading statements and omissions about the annuities’ value. The suits claimed the plaintiffs suffered $489 million in damages.
At Monday’s hearing, objectors Robin Gill and Stephen Madigan argued...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!