Pacific Life Insurance Company faces a class-action suit contending that the company improperly sold variable annuities for use within individual retirement accounts.[@@]
Pacific Life, Newport Beach, Calif., has denied any wrongdoing.
“Pacific Life strongly disagrees with the claims in the lawsuit, and we are vigorously defending ourselves,” the company says.
Lawyers from Milberg Weiss Bershad & Schulman L.L.P., New York, have filed the case, Cooper vs. Pacific Life, in a U.S. District Court in Georgia.
A federal judge in that state earlier has certified a class, and Milberg Weiss says it soon will begin notifying 120,000 purchasers of variable annuities that they may qualify to participate in the class.