Georgia is suing 20 brokerage and insurance firms.
The state filed suit against the firms that sold Baldwin-United annuities in Georgia between 1981 and 1983. The suit, filed in Fulton County Superior Court under the state’s Racketeer Influenced and Corrupt Organizations statute, seeks the forfeiture of about $2.25 million in commissions earned by the firms on sales to Georgia residents. Before it filed for bankruptcy protection in 1983, Baldwin-United was one of the nation’s leading marketers of single-premium deferred annuities. A total of 163,000 investors nationwide and about 2,500 in Georgia bought $4.2 billion worth of the annuities.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
