NASCAR champion Kyle Busch’s lawsuit against Pacific Life alleging $8.6 million in losses tied to indexed universal life insurance policies has been moved to federal court in North Carolina.

In a complaint filed in North Carolina Superior Court in Lincoln County in October, Busch and his wife, Samantha, accuse Pacific Life and an agent of promoting complex IUL policies as “tax-free retirement plans” that were misrepresented as safe, self-funding investment vehicles.

Court records show the case was moved to U.S. district court in the state’s western district last week. Pacific Life, noting that parties reside in different states, filed the notice to remove the case to federal jurisdiction.

Read at Think Advisor