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...

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