U.S. Court Blocks Frivolous Suits Against VA Company, Others

U.S. Court Blocks Frivolous Suits Against VA Company, Others

On Apr 5, 2005, a unanimous panel of the US Court of Appeals for the Seventh Circuit ordered complaints in 10 cases to be dismissed, including one against a variable annuity company. This represents a significant setback for plaintiffs' attorneys that try to drag VA companies and mutual funds i...

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Veröffentlicht in:National Underwriter. Life & Health 2005-05, Vol.109 (21), p.25
Hauptverfasser: Miller, Nory, Puretz, Jeffrey
Format: Artikel
Sprache:eng
Schlagworte:
Attorneys
Class action lawsuits
Federal court decisions
Federal legislation
Legislation
Life insurance companies
State court decisions
State courts
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Zusammenfassung:On Apr 5, 2005, a unanimous panel of the US Court of Appeals for the Seventh Circuit ordered complaints in 10 cases to be dismissed, including one against a variable annuity company. This represents a significant setback for plaintiffs' attorneys that try to drag VA companies and mutual funds into plaintiff-friendly state courts. Congress responded to this end run around its earlier legislation with new legislation, the Securities Litigation Uniform Standards Act of 1998. The Seventh Circuit's decision does strike a strong blow against the latest tactic for avoiding the standards Congress has imposed to protect against frivolous securities suits.
ISSN:1940-1345