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Violation Tracker Individual Record

Company: Allianz Life Insurance Company of North America
Current Parent Company: Allianz
Penalty: $68,000,000
Year: 2011
Date: March 2, 2011
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: insurance violation
Violation Description: Allianz agreed to provide financial benefits projected to be worth up to $50 million plus legal fees of $18 million to settle litigation alleging it misled customers in the marketing of bonus deferred annuity policies to seniors.
Level of Government: federal
Action Type: private litigation
Court: Southern District of California
Civil or Criminal Case: civil
Case ID: 3:05cv633
Case Name: Iorio, et al v. Asset Marketing, et al
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.