A class-action lawsuit was filed against China Life Insurance Co in the US District Court for the Southern District of New York. The suit alleges that the mainland insurance company committed financial fraud of US$652 million and was filed on behalf of investors who purchased China Life shares during the period between Dec 23, 2003, and February 3, 2004. China Life, which was restructured prior to its US$3.46 billion initial public offering in New York in December, is accused in the suit of shifting its less attractive assets to its parent company. China Life's IPO was the largest of 2003. The suit cites a report by China's National Audit Office that found US$652 million in accounting �irregularities� at China Life Insurance Co, which admitted irregularities, but said that none of them were connected to the listed company.