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Case ID: 3598 | Insurance | 08/10/2004
A class action has been filed against AmerUs Group Company and affiliated companies and individuals, on behalf of Pennsylvanians 65 years of age and over, who purchased living trusts or living trust kits and/or deferred variable/fixed annuities that were worthless to them from the companies, in violation of Pennsylvanians unfair trade practices laws. The action seeks unspecified compensatory and triple punitive damages.
The action alleges that the businesses specifically target persons 65 years of age and over who own their own homes, and who have a certain minimum level of income above and beyond Social Security benefits. The defendants allegedly market completely unsuitable, long-term, deferred annuities to these seniors, making very lucrative commissions. The scheme allegedly involves the use of a living trust “mill”-- Through mass mailings, seminars, cold telephone calls, and even door-to-door sales, they use scare tactics to sell living trust kits, greatly exaggerating the costs and delays attributable to probating estates. Through high-pressure sales tactics, the defendants convince the elderly that the kits will save them money and time in disbursing their assets, and will allow them to avoid probate and professional fees. A living trust is an estate planning device that may eliminate the need for probate of a decedent's estate. A living trust, as distinguished from a testamentary trust, allows a person to create the trust during his or her lifetime. The lawsuit alleges that the defendants sold “cookie-cutter” living trust kits that were not tailored to Pennsylvania trust and estate law. For that service, they charged fees that were allegedly far in excess of what a competent estate planning attorney charges, even though none of the defendants are licensed to practice law. Worse, the lawsuit alleges that none of the plaintiffs would actually benefit from the living trusts, while the defendants reaped millions of dollars in profits. The payout of the annuities formed by the trusts did not begin until 10 to 15 years after the purchase of the policy, essentially disabling the elderly plaintiffs from deriving any income from, or having access to the money they invested in the trusts without having to pay hefty early withdrawal penalties. Named as defendants in the 55-page complaint are: AmerUs Group Company, AmerUs Annuity Group Company, American Investors Life Insurance Company, Estate Planning Advisors Corporation, Ben Consulting Corporation, Funding & Financial Services, Barry O. Bohmueller, Brian J. Newmark, Victoria L. Larson, and Kenneth Krygowski.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Insurance Cases of Interest The parties have reached a tentative settlement, valued at at least $1.6 million, of a class action filed against Frontier Insurance Group, Inc. (Pink Sheets: FTER, formerly OTCBB: FTER and certain of its officers and directors by stockholders who purchased the company's common stock between February 10 and November 8, 1994. A class action lawsuit has been filed in the Western District Court of Michigan against Light Metals Corporation for violations of the Employee Retirement Income Security Act (ERISA). Class members seek damages, declaratory and injunctive relief for breach of a collective bargaining agreement. They also seek to recover benefits due and to clarify rights to future benefits due under an employee welfare benefit plan and an employee pension plan. Consumers see offerings for disability protection plans all the time. From mortgage companies to credit card companies, millions of consumers are buying these plans. In essence, these insurance plans, in return for a fixed monthly fee, are supposed to pay your mortgage or other bills while you are disabled. But in many instances, it doesn't work as hoped. A Biloxi attorney and homeowners along the Gulf Coast area have filed a class action law suit against State Farm Insurance Company, alleging the company has refused to pay for hurricane damage to their homes, even though the plaintiffs purchased "all perils" homeowner insurance.
The theory of diminished value asserts that buyers choosing between two otherwise equal vehicles will select one that has not been previously damaged and repaired, even where the repairs to the other vehicle were first-rate. On July 10, 2003, the court gave final approval to a settlement, apparently valued at $825,000, in a class action on behalf all persons insured by an automobile insurance policy issued in Georgia by American Manufacturers Mutual Insurance Company, American Protection Insurance Company, or Lumbermen's Mutual Casualty Company and who made a claim for damage to their vehicles under their collision, comprehensive or uninsured motorist coverage over a specified time period. Though there is no claims deadline at this time, persons who are eligible to take part in the settlement who have not received a notification letter should act as soon as possible to alert the company of their eligibility. The parties have reached a proposed $6,305,000 settlement in a class action against Coast National Insurance Company by former California automobile insurance policyholders who claim that Coast National wrongly canceled their policies for nonpayment of premiums. To recover under the settlement, class members must submit a claim form postmarked by September 15, 2003. |
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