• Class Certification Denied in Fixed Indexed Annuity Interest-Crediting Case
  • August 11, 2009
  • Law Firm: Sutherland Asbill & Brennan LLP - Washington Office
  • On July 23, 2009, the U.S. District Court for the Southern District of Iowa denied class certification in Duchardt v. Midland National Life Ins. Co., 4:07-cv-00351 (S.D. Iowa July 23, 2009), a putative class action challenging an insurer's interest-crediting practices with regard to fixed indexed annuities (FIAs). The case involved a dispute over interpretation of policy provisions when the date that interest was to be credited fell on a weekend. The court found that Plaintiff could not meet his burden under Fed. R. Civ. P. 23 to establish that class certification was appropriate.