AXA Seeks 2nd Circ. Rehearing In Annuities Suit

April 26, 2018 by Dean Seal

Law360 (April 25, 2018, 7:21 PM EDT) — AXA Equitable Life Insurance Co. asked the Second Circuit on Tuesday for an en banc rehearing on its decision to revive a putative class action after finding the suit’s claims of AXA’s alleged deception about variable annuities were not a federal matter, saying the ruling conflicts with U.S. Supreme Court precedent.

The insurer said the ruling, which revived variable annuity holder Richard O’Donnell’s claims against it and returned them to Connecticut state court, conflicts directly with two of the high court’s rulings concerning the federal Securities Litigation Uniform Standards Act.

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Originally Posted at Law360 on April 25, 2018 by Dean Seal.