Negrete
Negrete v. Allianz Life Insurance Company of North America
Opinion
Opinion
BACKGROUND
On September 21, 2005, Vida F. Negrete filed a class
1 Co-Lead Counsel are Bonnett, Fairbourn, Friedman & Balint, PC, and Coughlin, Stoia, Geller, Rudman & Robbins, LLP. Hereafter, they will be referred to collectively as Negrete Counsel. NEGRETE v. ALLIANZ LIFE INSURANCE 4577 action lawsuit against Allianz, an insurance corporation, in which she challenged the sale of Allianz’s fixed deferred annuities. Negrete, acting as conservator for Everett E. Ow, alleges that Ow was “sold an unsuitable financial product” because the maturity date exceeded his life expectancy and restricted his access to principal without surrender charges. The complaint asserted claims for violations of the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. §§ 1961-1968 (“RICO”), breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, and vio- lation of California statutes.
In November 2006, the district court certified a nationwide class on the RICO claims only and a California-purchaser- only class as to the California statutory claims. The district court’s certification order on the RICO claims covered all Allianz’s…