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Violation Tracker Individual Record

Company: Allianz Life Insurance Company of North America
Current Parent Company: Allianz
Penalty: $251,000,000
Year: 2015
Date: March 18, 2015
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: investor protection violation
Violation Description: Allianz agreed to pay $251 million to settle litigation alleging it lured seniors into purchasing poorly performing deferred annuities with harsh surrender provisions.
Level of Government: federal
Action Type: private litigation
Court: Central District of California
Civil or Criminal Case: civil
Case ID: 2:05cv6838
Case Name: Vida F Negrete v. Allianz Life Insurance Company of North America
Private Lawsuit Resolution Type: settlement
HQ Country of Current Parent: Germany
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.