The class-action lawsuit against
The case pertained to the sale of variable annuities within qualified plans, and claimed that American Skandias prospectuses were misleading, containing both misstatements and omissions regarding the suitability of variable annuities to fund qualified plans.
In the case of Donovan v. American Skandia Life Assurance Corp. et al., Milton Pollack, senior judge for the U.S. District Court for the Southern District of New York, concluded, "the disclosures in the prospectuses, taken in context, conclusively disprove the materiality of the alleged omissions and are thus fatal to the plaintiffs' claims."
