1、1Civil Action No. 7-94CV-128-X (N.D. Tex.). In May, 1997 a Federal District Court judgeissued a partial summary judgment against the religious foundation, stating that it had violated statelaw by issuing charitable gift annuities without being licensed as an insurance company. InOctober, the judge a
2、greed to expand the group of potential plaintiffs to include anyone who, from1991 to the present, owned charitable gift annuities or related life income properties sold by thedefendants. (Richie v. American Council on Gift Annuities) This defendant group reportedly wouldbe comprised of more than 150
3、0 charitable organizations, including the American Cancer Society,the Boy Scouts of America, and the Salvation Army.Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS Web97-597 AJune 6, 1997Securities/Antitrust Treatment of CharitableGiftAnnuities:
4、Richie v. American Council on GiftAnnuities, Inc.Janice E. Rubin and Michael V. SeitzingerLegislative AttorneysAmerican Law DivisionSummaryA lawsuit challenged, on both securities and antitrust grounds, the right of charitableorganizations to issue so-called charitable annuities. Federal and state l
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