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California Civil Procedure, Keyed to Levine, 6th Ed.
United Investors Life Insurance Co. v. Waddell & Reed, Inc.
Citation:
125 Cal. App. 4th 1300, 23 Cal. Rptr. 3d 387 (2005)Facts
United Investors Life Insurance Company brought an unfair competition claim under Business and Professions Code section 17200 et seq. on behalf of the general public against Waddell & Reed, Inc. and multiple other defendants. Plaintiff alleged that defendants engaged in a nationwide campaign to induce plaintiff’s policyholders to switch their variable annuity policies for those issued by another insurance company. The trial court sustained defendants’ demurrer without leave to amend and dismissed the action. Plaintiff filed a notice of appeal. While the appeal was pending, on November 2, 2004, California voters adopted Proposition 64, which took effect the following day and amended section 17204 to require that private plaintiffs suffer injury in fact and lost money or property to bring unfair competition claims.
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