STORY FROM: Reinsurance & Arbitration
Investor to Appeal Dismissal of RICO Claims Against Security Benefit Life
August 26, 2019
KANSAS CITY — An investor is urging a federal appeals court to reinstate his claims that Security Benefit Life Insurance Co. violated the Racketeer Influenced Corrupt Organizations Act by entering into reinsurance transactions designed to make it appear financially healthy to investors while selling them low-performing annuities.
According to a July 26 filing, the 10th Circuit U.S. Court of Appeals will review a ruling that the claims are reverse-preempted by the McCarran-Ferguson Act because they would interfere with state insurance regulators’ oversight of the transactions.
Plaintiff Albert Ogles was an investor in Security Benefit Life’s “Total Value Annuity,” known as ...
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