In re Indianapolis Life Ins. Co. Internal Revenue Service § 412(i) Plans Life Insurance Marketing Litig., (MDL No. 1983), was originally created to centralize claims relating to the design, marketing, and sale of specially designed life insurance policies used to fund defined benefit pension plans under § 412(i) of the Internal Revenue Code. Indianapolis Life recently requested that the proceeding be expanded to include cases, such as Paul v. Aviva Life and Annuity Company (the successor to Indianapolis Life), which assert claims relating to employee benefit plans formed under § 419 of the tax code because the core factual allegations asserted in these actions are nearly identical, with each asserting a variety of fraud-based claims relating to the design, marketing, and sale of certain Indianapolis Life insurance policies used by the plaintiffs to fund employee benefit plans for their small businesses.
On August 10, 2009, the MDL Panel issued an order transferring Paul to MDL No. 1983 for centralized pretrial proceedings. The MDL Panel recognized the “common questions of fact” between the actions and noted that “[t]he previously centralized MDL No. 1983 actions involve the funding of small business defined benefit pension plans with Indianapolis Life insurance policies which were represented to be in compliance with U.S. Internal Revenue Service (I.R.S.) § 412(i). Paul involves similar allegations involving Indianapolis Life policies used to fund small business I.R.S. § 419 welfare benefit plans.” The MDL Panel noted that although “Paul may involve some unique questions of fact relating to § 419 plans, the transferee judge can establish a separate track, if necessary, to address any unique factual and legal issues which may arise.” The MDL Panel also renamed MDL No. 1983 “In re Indianapolis Life Ins. Co. I.R.S. § 412(i) and § 419 Plans Life Insurance Marketing Litig.” to reflect the inclusion of cases asserting claims relating to § 419 welfare benefit plans
In re Indianapolis Life Ins. Co. Internal Revenue Service § 412(i) Plans Life Insurance Marketing Litig., (MDL No. 1983), was originally created to centralize claims relating to the design, marketing, and sale of specially designed life insurance policies used to fund defined benefit pension plans under § 412(i) of the Internal Revenue Code. Indianapolis Life recently requested that the proceeding be expanded to include cases, such as Paul v. Aviva Life and Annuity Company (the successor to Indianapolis Life), which assert claims relating to employee benefit plans formed under § 419 of the tax code because the core factual allegations asserted in these actions are nearly identical, with each asserting a variety of fraud-based claims relating to the design, marketing, and sale of certain Indianapolis Life insurance policies used by the plaintiffs to fund employee benefit plans for their small businesses.
ReplyDeleteOn August 10, 2009, the MDL Panel issued an order transferring Paul to MDL No. 1983 for centralized pretrial proceedings. The MDL Panel recognized the “common questions of fact” between the actions and noted that “[t]he previously centralized MDL No. 1983 actions involve the funding of small business defined benefit pension plans with Indianapolis Life insurance policies which were represented to be in compliance with U.S. Internal Revenue Service (I.R.S.) § 412(i). Paul involves similar allegations involving Indianapolis Life policies used to fund small business I.R.S. § 419 welfare benefit plans.” The MDL Panel noted that although “Paul may involve some unique questions of fact relating to § 419 plans, the transferee judge can establish a separate track, if necessary, to address any unique factual and legal issues which may arise.” The MDL Panel also renamed MDL No. 1983 “In re Indianapolis Life Ins. Co. I.R.S. § 412(i) and § 419 Plans Life Insurance Marketing Litig.” to reflect the inclusion of cases asserting claims relating to § 419 welfare benefit plans