Fidelity & Guaranty Life gave updates on some of its ongoing legal proceedings in a regulatory filing dated Aug. 2.
Fidelity & Guaranty Life offered an update on a putative class-action complaint filed against the company and certain entities in relation to alleged violations of the Racketeer Influenced and Corrupt Organizations Act. On April 13, the appeals court affirmed the district court's decision to dismiss the plaintiff's claims. The plaintiff's time to seek a discretionary review of the matter expired July 12 and the company said it does not believe the plaintiff has requested a review.
Fidelity & Guaranty Life also said it could not determine whether the company is exposed to any estimable losses beyond its expense contingency estimate.
The company offered another update on a complaint filed in July 2013 against unit Fidelity & Guaranty Life Insurance Co. in the Superior Court of California, County of Los Angeles, which asserted that the plaintiff and members of the putative class relied on the defendants' advice in purchasing "unsuitable" equity-indexed insurance policies.
Fidelity & Guaranty Life said that on March 24, the court entered a minute order stating that it was satisfied that all parties had fully performed all terms of the settlement and recorded the matter as complete without the need for more hearings.
Fidelity & Guaranty Life and Fidelity & Guaranty Life Insurance are units of HRG Group Inc.