NEGRETE V. ALLIANZ LIFE INSURANCE COMPANY
523 F.3d 1091 (2008)
NATURE OF THE CASE: Allianz (D) appealed an order that prevented it from proceeding with
any settlement negotiations on similar class action claims raised in any federal or state
court without first obtaining permission from the Negrete's (P) co-lead counsel.
FACTS: P filed a class action lawsuit against D for the sale of fixed deferred annuities.
P alleges that he was 'sold an unsuitable financial product' because the maturity date
exceeded his life expectancy and restricted his access to principal without surrender
charges. P asserts claims for violations of RICO, breach of fiduciary duty, aiding and
abetting breach of fiduciary duty, unjust enrichment, and violation of California statutes.
The district court certified a nationwide class on the RICO claims only and a
California-purchaser-only class as to the California statutory claims. Several similar cases
have been filed in various federal and state courts; Iorio, Mooney, Castello, and the
Minnesota Attorney General. Those groups eventually got together to discuss settlement. P
was neither informed of nor included. P learned of the negotiations and contacted D and
requested assurances that: any settlement negotiations or mediation in the referenced cases
will not address any of the claims or damages asserted on behalf of the P class, that any
proposed settlement reached as a result of those negotiations will not compromise, impair,
prejudice or affect the claims of the P class members, and that any proposed settlement
class will expressly exclude all members of the P class. D said no and P sought an ex parte
order and the district court, without holding a hearing, issued an order nominally denying
the application because it was 'not authorized by the All Writs Act.' The court sill ordered
that any proposed settlement that resolves, in whole or in part, the claims brought in this
action shall first be subject to review and approval by the Court in this litigation. D
appealed.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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