UPDATE 1-Swiss Life settles Austrian consumer suit
(Adds details, background)
ZURICH Aug 12 (Reuters) - Insurer Swiss Life said on Monday it had agreed with the Austrian consumers' association to end litigation over allegations one of its subsidiaries gave customers misleading advice.
Swiss Life said the collective action brought by Austrian consumers against its Swiss Life Select unit, which the group bought in 2008 for 1.2 billion euros ($1.60 billion) and re-branded earlier this year, is now closed.
The company, which reports first half 2013 results on Wednesday, said payment of the 11 million euro settlement will be made to the Austrian consumers association, VKI, to whom the investors had assigned their rights.
Swiss Life, which still faces similar allegations of systematic mis-selling in Germany, said it would account for the charge in its third quarter.
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