Member Litigation Update
On Feb. 24, 2015, Judge Peter Flynn of the Circuit Court of Cook County, Illinois, dismissed without prejudice all claims against the Academy, including any claims for injunctive or declaratory relief, that were filed in December by the former president of the Society of Actuaries. We are pleased with this outcome. The court has strongly affirmed that the U.S. actuarial profession may require members to have disciplinary complaints heard by the ABCD and not by the courts. The Academy leadership views this ruling as a vindication of the profession’s self-discipline process.
The court did not rule on the motion to dismiss the remaining claims in the case because it lacked jurisdiction to address them. The remaining claims were transferred to a different division of the Cook County Circuit Court, and the motions to dismiss those claims will be heard in due course.
The Academy will post the transcript of today's hearing on the Litigation Update page of our website as soon as it is available.