The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Cali Court Tosses UILIC Suit Against W&R Not Rated 4.0 Email Routing List Email & Route  Print Print
Thursday, May 06, 2004

Cali Court Tosses UILIC Suit Against W&R

Reported by Sean Hanna, Editor in Chief

The California Superior Court has thrown out a civil suit that alleged Waddell & Reed Financial had improperly advised variable annuity holds to convert their policies as part of a scheme to increase its commissions.

The suit, which the court dismissed with prejudice, was filed by United Investors Life Insurance Company (UILIC), a subsidiary of Torchmark Corporation, in October 2001.

Torchmark spun off Waddell & Reed in 1998 and after that time the brokerage firm began converting UILIC variable annuities to new variable annuities issued by Nationwide. Whether those conversions were proper turned into a legal battle in 2000. In March, UILIC won a judgment for 45 million in punitive damages in a similar suit brought in Alabama. Waddell & Reed has appealed in that case.

UILIC has said that it plans to appeal the California ruling within a thirty-day window for appeals.  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2023: Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2023
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use