Allianz Life Insurance Co. of North America has settled a state lawsuit over deferred annuities filed by the state Attorney General.  The settlement will allow more than 7,000 Minnesota seniors to get their money back after buying deferred annuities that may have been unsuitable for their financial needs.  Minnesota had sued Allianze, charging the company with violations Minnesota law involving the failure to disclose to seniors that their money could be tied up for as long as 15 years and that they could not cash in their annuity early without substantial penalty.  The settlement affects Minnesota annuity customers age 65 and older who bought annuities from Allianz since Jan. 1, 2001.  The total amount of refunds could reach $325 million if every senior applies, but represents a trivial amount compared to the company's assets.

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