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District Court Allows Fiduciary Suit About Guaranteed Annuity Contract Cancellation to Proceed
National Association of Plan Advisors [NAPA] 
Aug. 28, 2017
"The complaint stems from the Contract between the Plan and CAC guaranteeing that the rate of interest credited to the CNA Fund would never drop below 4% per year. The Plan and CAC added the 'Minimum Interest Guarantee Rider' to the contract in 1990, which remained in place until Dec. 31, 2011, when it was discontinued pursuant to an agreement executed two days earlier between Northern Trust and CAC, which provided that 'at the request of' the Plan's trustee, the contract would be cancelled." [Dolins v. Continental Casualty Co., No. 16-8898 (N.D. Ill. Aug. 18, 2017)]
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