Insurance Settlement
Allianz Life Insurance Co.has decided to settle a lawsuit that claims the organization locked up seniors moneys for 15 years using annuities.
The suit was brought by the Minnesota Attorney General and says that the seniors were not told they couldn’t cash in the policy without paying very large penalties. With the settlement 7000 seniors will get their money back.
Refunds will be about 325 million dollars and the company also must pay 500,000 in attorney fees.
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