Minneapolis-based Allianz Life Insurance Co. of North America has beaten a class action lawsuit in court. A federal jury ruled against the plaintiffs in the case, Mooney v. Allianz Life Insurance Co.
Filed more than four years ago, the suit alleged that Allianz fraudulently marketed certain annuity products as providing an immediate bonus, when the bonus was not fully available until years after the products were purchased.
Allianz Life President and CEO Gary Bhojwani said the company was pleased with the decision, and stressed the company has some of the most stringent sales oversight policies and procedures in the industry.
"We are very pleased that the jury concluded that no harm came to our policyholders,” Bhojwani said in a statement. “Allianz Life strives to work with only the best financial professionals in providing financial solutions for more than a million policyholders. We remain committed to doing the right thing for our customers. Equally important, we remain committed to guarding our reputation jealously.”