A federal judge has granted final approval of a class action RICO settlement estimated to be worth at least $184 million and possibly as much as $530 million to a class of mostly elderly investors who say they were lured by deceptive marketing practices to purchase long-term annuities with American Investors Life Insurance Co. that often had maturity dates far beyond their own life expectancies. "The settlement relief liquifies the annuities and allows class members to receive immediate payments and bonuses," the judge wrote.
9-Figure Settlement in RICO Class Action Approved
The Legal Intelligencer
December 23, 2009