IN RE BALDWIN-UNITED CORP. (SINGLE PREMIUM DEFER.)

MDL Nos. 581, M 21-35.

607 F.Supp. 1312 (1985)

In re BALDWIN-UNITED CORPORATION (SINGLE PREMIUM DEFERRED ANNUITIES INSURANCE LITIGATION).

United States District Court, S.D. New York.

May 1, 1985.


Attorney(s) appearing for the Case

Lawrence Milberg, David Bershad, Jeffrey Bernstein, Milberg Weiss Bershad Specthrie & Lerach, New York City, for plaintiffs.

Richard E. Carlton, Melanie Cyganowski, Sullivan & Cromwell, New York City, for defendants.

William Carlisle Herbert, Hopkins & Sutter, Chicago, Ill. and Daniel J. Kornstein, Debra S. Weaver, Kornstein Veisz & Wexler, New York City, for intervenors-plaintiffs.


MEMORANDUM AND ORDER

[Findings and Conclusions re Fairness of Proposed Settlement]

BRIEANT, District Judge.

I. Introduction

Beginning in 1979, two insurance company subsidiaries of Baldwin-United Corporation began to issue single premium deferred annuities ("SPDAs"), described more particularly below. These subsidiaries were National Investors Life Insurance Company, an Arkansas insurance corporation (hereinafter "NILIC"), and...

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