Retirement Plan Suit V. Life Insurers Survives Cuts

Law360, New York (March 27, 2009, 12:00 AM EDT) -- A federal judge granted partial summary judgment to two of the life insurance companies embroiled in a nationwide putative class action, ruling that California plaintiffs, unlike plan sponsors from other states, can’t blame the insurers for selling retirement benefit plans that allegedly created illegal tax shelters.

On Thursday, Judge Jane J. Boyle of the U.S. District Court for the Northern District of Texas tossed the fraud-based claims of several plaintiffs, holding that under California statutes, Pacific Life Insurance Co. and Hartford Life and Annuity Insurance Co....
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