The class action lawsuit had been filed more than four years ago
A Federal jury in the US has ruled in favour of Allianz Life Insurance of North America (Allianz Life) in regard to a class action lawsuit titled Mooney v. Allianz Life Insurance Company.
The class action lawsuit had been filed more than four years ago which initially involved allegations relating to the clarity of language in some marketing materials on certain products purchased between February 9, 2000, and May 10, 2007, but ultimately expanded to other practices, policies and procedures.
Gary Bhojwani, president and CEO of Allianz Life, said: “We are very pleased that the jury concluded that no harm came to our policyholders. Allianz Life strives to work with only the best financial professionals in providing financial solutions for more than a million policyholders.”
Mr. Bhojwani added: “On behalf of the company, I would like to thank our employees, our agents, and parent company for their continued support throughout this process. We remain committed to doing the right thing for our customers. Equally important, we remain committed to guarding our reputation jealously.”
Allianz Life, a part of Allianz Group, provides an array of annuities as well as long term care and life insurance products in the US through a nationwide network of independent distribution.