LAW & REGULATION

Pension Regulators Sue AFG Industries: The Labor Department filed suit against Ft. Worth-based AFG Industries on grounds that it was imprudent when it bought $12.4 million in annuities from Executive Life Insurance Co. of California. The annuities, which cover more than 1,300 individuals, were selected without a proper bid process, which would have identified the safest insurer, the department charged. Executive Life was seized by insurance regulators earlier this year, and payments to some policyholders have been cut off or pared.