United Investors Life Insurance v. Waddell & Reed, Inc.

This matter is before us on a motion to dismiss the appeal. Defendants argue the plaintiff has no standing to appeal the dismissal of its statutory unfair competition based claims because it has not met the requirements of Business and Professions Code section 17204 as amended while this appeal was pending by Proposition 64. We hold plaintiff has standing to appeal. Accordingly, we deny the dismissal motion.

Plaintiff, United Investors Life Insurance Company, brought an unfair competition claim on behalf of the general public against multiple defendants, Waddell & Reed, Inc., and others, under section 17200 et seq. Plaintiff alleged the defendants had engaged in a nationwide campaign to induce plaintiff’s policyholders to switch their variable annuity policies for those issued by another insurance company. The trial court dismissed the action after sustaining defendants’ demurrer without leave to amend and plaintiff appealed.

In their motion to dismiss the appeal, defendants argue plaintiff has no standing to pursue an unfair competition claim under section 17200 et seq. as recently amended. After the complaint was dismissed and the notice of appeal had been filed, on…