New York-based American International Group Inc. scored a victory in California Superior Court after a judge dismissed a lawsuit filed by a financial planner.

Linda M. Harris, president of Independent Financial Group Inc., had purchased annuities from AIG' subsidiary SunAmerica Annuity and Life Assurance Co. Harris accused AIG of acting as an "massive hedge fund, using assets from the once profitable affiliate California insurance and retirement companies and depositing them in high-risk investments” and employing “unlawful, deceptive and unfair business practices.”  The suit also name AIG’s auditor, PricewaterhouseCoopers LLP.

Citing a lack of a contract between AIG and Harris, Judge Yvette M. Palazuelos dismissed the case, but afforded the plaintiff 30 days to amend and resubmit the suit.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.