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St. Paul, Minn.

Minn. attorney general settles annuity lawsuit with Allianz Life

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(AP) Attorney General Lori Swanson says she has settled with Allianz Life Insurance Co. NA over a lawsuit that accused the company of selling inappropriate annuities to senior citizens.

Details of the settlement were not immediately released.

Swanson's lawsuit accused the subsidiary of German insurer Allianz SE of selling $259 million worth of deferred annuities to Minnesotans over age 70. Swanson said the annuities forced those people to choose between locking up their money until they might be dead or paying penalties to get it out sooner.

Swanson's lawsuit in Hennepin County District Court accused the Golden Valley-based company of breaking state consumer fraud and insurance laws.

An Allianz spokeswoman did not immediately return a phone message seeking comment.