How Proposed EU Class Action Directive Could Affect Insurers

Law360 (March 24, 2020, 1:52 PM EDT) -- If our legal memories serve us well, there has only been one true class action brought in France against an insurer relating to an insurance-based investment contract.

In this case, CLCV v. AXA-AGIPI, the class only has seven members and they are contesting the insurer's interest rate under the terms of their 1995 contracts.[1] AXA-AGIPI sought review at the Court of Cassation on purely procedural grounds without an examination of the merits of the case.[2]

The court was asked to consider whether each individual class member's claim, as presented in the court pleadings, met the requirements under the Consumer Protection Code...

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