Protecting a 2009 settlement in a multidistrict Racketeer Influenced and Corrupt Organizations Act case worth as much as $530 million, a federal judge has enjoined a similar lawsuit brought by the Pennsylvania attorney general in state court.
U.S. District Judge Mary A. McLaughlin of the Eastern District of Pennsylvania is presiding over the MDL that included class-action suits brought on behalf of nearly 400,000 elderly investors who say they were lured by deceptive marketing practices to purchase long-term annuities that often had maturity dates far beyond their own life expectancies. The 2009 settlement is estimated to be worth between $184 million and $530 million, according to court filings.
