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Georgia is suing 20 brokerage and insurance firms.

The state filed suit against the firms that sold Baldwin-United annuities in Georgia between 1981 and 1983. The suit, filed in Fulton County Superior Court under the state’s Racketeer Influenced and Corrupt Organizations statute, seeks the forfeiture of about $2.25 million in commissions earned by the firms on sales to Georgia residents. Before it filed for bankruptcy protection in 1983, Baldwin-United was one of the nation’s leading marketers of single-premium deferred annuities. A total of 163,000 investors nationwide and about 2,500 in Georgia bought $4.2 billion worth of the annuities.


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