Wednesday, October 14, 2009
A split decision in Allianz Life annuity lawsuit
Some experts wonder if verdict gives companies a license to deceive.
A four-year legal saga, which pitted hundreds of thousands of older Americans against an insurance giant from Golden Valley, has come to a quiet -- and seemingly contradictory -- end.
A federal jury ruled late Monday that Allianz Life Insurance Company of North America used deceptive practices in selling a certain type of investment product known as an equity-indexed annuity, which is linked to the stock market.
But in a surprising twist, the 11-person jury awarded no damages to the estimated 340,000 people nationwide who bought the annuities earlier this decade, noting that no one was directly harmed from the deceptive sales practices...
Star-Tribune: A split decision in Allianz Life annuity lawsuit
A four-year legal saga, which pitted hundreds of thousands of older Americans against an insurance giant from Golden Valley, has come to a quiet -- and seemingly contradictory -- end.
A federal jury ruled late Monday that Allianz Life Insurance Company of North America used deceptive practices in selling a certain type of investment product known as an equity-indexed annuity, which is linked to the stock market.
But in a surprising twist, the 11-person jury awarded no damages to the estimated 340,000 people nationwide who bought the annuities earlier this decade, noting that no one was directly harmed from the deceptive sales practices...
Star-Tribune: A split decision in Allianz Life annuity lawsuit
Permalink posted by markw @ 4:42 AM 
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