News & Analysis as of

RICO Life Insurance

Carlton Fields

Defendants Fend Off Challenge to FIA’s Proprietary Index

Carlton Fields on

The End or the Beginning for Suits Over Disappointed Index Interest Expectations? Security Benefit Life Insurance Co. and Guggenheim Partners recently secured an important victory in a class action challenging a fixed...more

Proskauer - Minding Your Business

For The First Circuit, Transaction Costs in Structured Settlements are Not Fraud

Liability insurers charge premiums in exchange for an agreement to cover certain claims against their policyholders. When settling a tort claim against a policyholder, the insurance company can pay a lump-sum of cash or, in...more

Orrick, Herrington & Sutcliffe LLP

The World in U.S. Courts:Spring 2019

Intellectual Property – Copyright - Copyright Act Does Not Apply to Proposed Sale of Allegedly Unlawful Copy of Sculpture to US Buyer Because All Relevant Conduct Occurred Outside the US and No Infringing “Predicate Act”...more

Orrick, Herrington & Sutcliffe LLP

Racketeer Influenced and Corrupt Organizations Act (RICO) - The World in U.S. Courts: Spring 2019

Non-US Plaintiffs Allegedly Defrauded by Fund’s Investment in US Life Insurance Proceeds did not Suffer a US Domestic Injury Within the Meaning of RICO. ...more

Orrick, Herrington & Sutcliffe LLP

Personal Jurisdiction/Forum Non Conveniens - The World in U.S. Courts: Spring 2019

No Personal Jurisdiction Over French Manufacturer of Allegedly Defective Component Incorporated into Product Sold by Different Manufacturer....more

Carlton Fields

Eleventh Circuit Reverses Dismissal of Insurer’s Fraud and Racketeering Claims Against Premium Financer

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The Eleventh Circuit recently addressed the legal viability of federal racketeering, fraud, and declaratory relief claims by Sun Life against a premium finance company arising out of an alleged STOLI scheme, as well as the...more

Cozen O'Connor

Court Dismisses Claims Alleging Undisclosed Deductions from Structured Settlement Funds

Cozen O'Connor on

The latest attempt to hold casualty carriers and annuity issuers liable for allegedly failing to disclose deductions from the amounts used to purchase structured settlement annuities for plaintiffs’ benefit has been dismissed...more

Carlton Fields

CAFA’s Local Controversy Exception Requires Class Claims Against Local Defendant

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As we previously reported, in September 2017, a federal district court in Louisiana dismissed with prejudice as time-barred putative class action RICO and state racketeering claims related to alleged wrongful conduct by an...more

Carlton Fields

Based on Principles of Fairness, Court Dismisses Putative Class Action RICO Claims Asserted Years After Initiation of Suit

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In Robertson v. SunLife Financial, a federal district court in Louisiana dismissed with prejudice as time-barred an amended putative class action complaint alleging RICO and state racketeering claims related to alleged...more

Carlton Fields

Eighth Circuit Affirms Dismissal of RICO Claim in So-Called Shadow Insurance Suit

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In Ludwick v. Harbinger Group, the U.S. Court of Appeals for the Eighth Circuit affirmed the dismissal under the McCarran-Ferguson Act of a federal RICO claim against Fidelity & Guaranty (and its owner and several affiliates)...more

Carlton Fields

What’s Your Game Plan? Offensive or Defensive: Playing to Your Strengths [Expect Focus – October 2016]

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- AXA Prevails at First Post-Jones v. Harris Excessive Fee Trial - Potential Secondary Effects of Regulatory Examinations: Evidentiary Issues and Preclusion in Parallel Litigation - On The Horizon: Global...more

Carlton Fields

Federal Court Finds That The Mccarran Ferguson Act Bars Plaintiff’s RICO Claims Arising From Certain Reinsurance Transactions

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In a putative class action seeking damages for alleged violations of the Racketeer Influenced and Corrupt Organizations Act (“RICO”) arising from certain reinsurance transactions, the United States District Court for the...more

WilmerHale

Life and Annuity Series: Captive Reinsurance Class Actions

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There have been several new class actions filed recently challenging “shadow insurance” transactions between life insurance companies and their “captive reinsurers.” Three of those class actions are in federal court in New...more

BakerHostetler

Texas Hospital Strikes Back at Aetna

BakerHostetler on

On February 23, 2015, Aetna filed suit in Texas federal court against Robert A. Behar, M.D. and North Cypress Medical Center (North Cypress), alleging that Dr. Behar, the CEO of North Cypress, offered impermissible ownership...more

WilmerHale

Life and Annuity Series: Annuity Cases—Good 9th Circuit Decision

WilmerHale on

The August 2015 decision from the 9th Circuit, titled Eller v. Equitrust Life Ins. Co, provides helpful precedent for the defense of annuity sales practice cases. Plaintiff Eller brought a RICO class action alleging,...more

Carlton Fields

Expect Focus - ONLINE HEALTH CARE: NOT SO FAST Telemedicine Hits A Few Speed Bumps, Volume II, Spring 2015

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In This Issue: - IN THE SPOTLIGHT • Risky Business: Common Cyber Security Risks, Expensive Consequences - LIFE INSURANCE • Ninth Circuit Finds Bonus Indexed Annuity Delivers Exactly...more

Carlton Fields

Statutory Accounting Fraud Under RICO

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Echoing New York’s regulatory criticism concerning the use of captive reinsurers and similar allegations in recent class actions filed against several New York life insurers, an annuity contract owner has filed a putative...more

Carlton Fields

Ninth Circuit Finds Bonus Indexed Annuity Delivers Exactly What was Promised

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Observing that it "delivered precisely what it promised," the Ninth Circuit Court of Appeals recently affirmed summary judgment for an insurer in a case alleging violations of the Racketeer Influenced and Corrupt...more

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