Recent Developments For Allianz Policyholders


On October 10, 2007, a panel of federal judges denied a motion to centralize five Allianz class action lawsuits currently pending against Allianz related to its deferred annuity sales practices.  Plaintiffs’ counsel in two of the five cases filed the motion in the Judicial Panel on Multidistrict Litigation (“MDL Panel”).  Allianz, along with plaintiffs’ counsel in the other three actions, opposed the motion.  Page Perry, Chestnut & Cambronne, P.C. and the Nygaard Law Firm, co-lead counsel in the largest of the five class actions, opposed centralization on behalf of the certified class action pending in Minnesota.  Page Perry name partner Alan Perry argued before the MDL Panel on behalf of the Minnesota class in New York City on September 27, 2007.

In its Order denying transfer, the MDL Panel stated that it was not persuaded that centralization would serve the convenience of the parties or further the efficient conduct of the overall litigation.  The Panel pointed out that four of the five actions “are at a significantly advanced stage.  Classes have been certified in those four actions, and fact discovery has been completed (or is nearing completion) in three of them.”  The Panel went on to state that the “proponents of centralization have failed to convince us that any remaining and unresolved common questions of fact among these five actions are sufficiently complex and/or numerous to justify Section 1407 transfer at this time.”

Alan Perry stated, “We are pleased that the Panel recognized that centralization would not promote the efficient resolution of these different and advanced cases.” 

Also significant to some Allianz policyholders, the Minnesota Attorney General Lori Swanson this week reached a settlement with Allianz Life that provides the opportunity for Minnesota purchasers of Allianz deferred annuities age 65 or older to receive refunds.  

According to the terms of the settlement, Minnesotans age 65 or older who purchased an Allianz deferred annuity between January 1, 2001 and the present will receive a letter from AG Swanson giving them the opportunity to submit a claim for a refund without penalty.  For more information visit the Minnesota Attorney General’s website at

Similar to the complaint filed by Page Perry and co-counsel in early 2006, the Attorney General’s office alleged in a complaint filed in January 2007 that Allianz offered false promises of immediate bonuses to lure investors into purchasing its deferred annuities that locked their money up, in some cases, past the policyholders’ life expectancy. The Minnesota Attorney General’s settlement does not affect any of the five class actions mentioned above.