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Lander v. Hartford Life & Annuity Insurance Co.

Under Securities Litigation Uniform Standards Act, federal court has exclusive jurisdiction over class action removed from state court that alleged insurer violated Connecticut law in marketing of variable annuities; McCarran-Ferguson Act does not preclude application of SLUSA to variable annuities.

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Argued: January 30, 2001

Appeal from a judgment of the United States District Court for the District of Connecticut (Alfred V. Covello, Chief Judge) denying the plaintiffs’ motion to remand to Connecticut Superior Court and dismissing the action for lack of jurisdiction pursuant to the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”), Pub. L. No. 105-353, 112 Stat. 3227 (1998) (codified as amended in part at 15 U.S.C. �� 77p & 78bb(f)). We hold that because the variable annuity contracts at issue here are “covered securities” as defined by SLUSA, and because the anti-preemption rule of the McCarran-Ferguson Act, ch. 20, 59 Stat. 33 (1945) (codified as amended at 15 U.S.C. � 1011 et seq.), does not preclude the application of SLUSA to variable annuities, the District Court’s refusal to remand the case and subsequent dismissal were not in error.

Affirmed.

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