20 Aug, 2007
If you are 65 years or older and have purchased an annuity from a bank or after attending a living trust or estate/financial planning seminar, you may be eligible to join in a class action suit
Does This Story Sound Familiar to You?
Ron was 73 when he purchased a life insurance annuity from Midland National Life Insurance Company. He paid a premium of $43,000.00 from the nice investment broker. He will never see a benefit from the investment because he will likely have been dead 15 years before the investment would pay him any return. We are filing lawsuits on behalf of individuals harmed by Midland National Life Insurance Company and their agents who sold the elderly meaningless investments. If you or your parents have purchased a life insurance annuity from Midland National Life Insurance Company, contact us for further information.
This lawsuit provides an example of elder financial abuse and demonstrates the way in which seniors can be taken advantage of by unscrupulous individuals and large corporate interests.
17 Aug, 2007
The North American Securities Administrators Association, an association of state regulators, reports that over one-third of all cases of financial exploitation of the elderly involve annuities. Hundreds of class actions have been filed against insurers over annuity sales to the elderly, including one in Minnesota against Allianz for nearly 400,000 plaintiffs.
Index based annuities are not regulated by the NASD, so there is no federal oversight over their sale. This allows companies to use agents to push inappropriate products without any immediate regulatory oversight The wholesalers will frequently pay for and provide marketing for the original meeting for an agent. Commissions are unusually high 10-15% verses 5% for the rest of of the industry and there is no reasonable investment objective for elderly to purchase these products. The longer the surrender period, the higher the commission.
Our firm is currently representing clients in the sales of annuities to the elderly by Midland National Life Insurance Company. All federal cases have been consolidated into an MDL for national discovery.
For further information about your rights against agents and companies that sell these investments, please contact us.
