SDNY Rules on Class Plaintiffs’ Motion for Class Certification in AXA COI Litigation
September 1, 2020 by Orrick, Herrington & Sutcliffe LLP, Ric Fukushim, Khail LeQuang, Aaron Rubin
On August 13, 2020, in the putative class action challenging AXA’s COI rate increase on Athena Universal Life II (“AUL II”) policies, Judge Jesse M. Furman of the United States District Court for the Southern District of New York issued an order granting in part and denying in part the class plaintiffs’ motion for class certification. Judge Furman’s order is a victory for the class plaintiffs because it certified the two major nationwide classes sought by the motion. Moreover, while it denied certain sub-classes, the court expressly reserved the rights of non-New York and non-California absent class members to later bring any claim not actually litigated by the class, as well as the right of all absent class members to assert claims under the California Elder Abuse Law, which is the one non-certified sub-class that potentially carries higher monetary damages according to statute.