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Court dismisses class action suit against Citizens, execs

The U.S. District Court for the Western District of Texas has dismissed with prejudice a securities class action lawsuit filed against Citizens Inc. and five of its current and former directors and executive officers.

The company previously filed a motion to dismiss the suit, which alleged that the defendants made misleading statements about how the company invested funds from its insurance policies.

The court noted that no officer or director of Citizens was alleged to have sold stock or otherwise profited from the alleged misrepresentations. The court also said there is evidence supporting the inference that the company was not acting with an intent to defraud or mislead.