Similar lawsuits have been filed against many companies over their 401(k) retirement plans.

Sold by insurance companies, annuities are often bought as retirement investments, with taxes deferred until withdrawal. Premiums are typically invested in mutual funds.

Sheridan did note that the AXA lawsuit, which was filed in July 2011, prompted improvements at the company, including a "more scrupulous and rigorous" review of costs.

The judge also said just one of the seven named plaintiffs attended and testified at the trial, demonstrating they had "little interest in the trial or its impact upon them."

The case is Sivolella et al v. AXA Equitable Life Insurance Co et al, U.S. District Court, District of New Jersey, No. 11-04194. 

This article was provided by Reuters.

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