N.Y. Federal Judge Dismisses ‘Shadow Transaction’ Class Action Complaint Against AXA Equitable Life

NEW YORK — A New York federal judge has dismissed a class action lawsuit accusing AXA Equitable Life Insurance Co. of violating New York insurance law by failing to disclose its “shadow transactions” with its captive reinsurers, finding the plaintiffs failed to allege an “actual or imminent injury” sufficient to establish Article III standing.

In a July 21, Judge Jesse M. Furman of the U.S. District Court for the Southern District of New York noted the plaintiffs failed to allege that they were financially harmed by purchasing life insurance from AXA.

Jonathan Ross and David Levin filed a putative class …