-ATTORNEY NEWSLETTER-
Aviva USA is a division of the British multinational insurance company and is the second largest seller of indexed annuities in the United States. Aviva and its predecessors became involved in numerous lawsuits, dating back to 2004, related to their marketing of indexed annuities to senior citizens.
The largest of these lawsuits against Aviva recently culminated in a $570 million class action settlement. The plaintiffs alleged that Aviva and its subsidiaries marketed and sold annuity policies that were unsuitable given the circumstances of the purchasers, and that some of Aviva’s marketing materials failed to disclose surrender charges and maturity dates that were often beyond the annuitant’s life expectancy. In one nationally reported instance, an 85-year-old class member was sold an Aviva annuity with a 40-year contract term and which included hefty penalties for withdrawals within the first decade. The plaintiffs alleged that under such lengthy surrender periods, the purchaser and his or her successors could not obtain full access to the annuity’s principal or income without incurring a loss.
An estimated 360,000 annuities sold by Aviva and its predecessors since 1998 may be eligible for relief under the terms of the class action settlement.
There may be more plaintiffs who purchased affected annuities after 1998 and who haven’t yet had their day in court. Several additional lawsuits against Aviva and its subsidiaries are ongoing. If you or a loved one purchased an indexed annuity from AmerUs Group Company, AmerUs Annuity Group Company, American Investors Life Insurance Company, AmerUs Life Insurance Company, Creative Marketing International Corporation, or Insurance Agency Marketing Services, please contact The Evans Law Firm at
(888) 503-8267 or (415) 441-8669.
http://www.naic.org/documents/legal_AILIC_summary.pdf
http://www.paed.uscourts.gov/documents/opinions/11d1323p.pdf
