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Case ID: 4359 | Insurance | 07/22/2005
Two Florida attorneys filed a class-action lawsuit in the U.S. District Court for the Middle District of Florida, Orlando Division, on behalf Dorothy L. Eddy and other Florida senior citizens against AmerUs Life Insurance Co., a subsidiary of AmerUs Group Co. (NYSE:AMH).
The complaint alleges that AmerUs Life Insurance Co. designed a scheme to manipulate Florida senior citizens into purchasing equity-indexed annuities. Eddy, a Brevard County resident, and other seniors purchased equity-indexed annuities believing the products would provide retirement income and other benefits. However, in many cases the maturity dates of the annuities were well beyond the seniors' life expectancies. "We've seen too many people in Florida fall victim to unscrupulous salespeople who are pushing an investment product that makes absolutely no sense for most seniors," said one of the attorneys that filed the case. "Equity-indexed annuities tie up retirees' nest eggs for 10, 15 and in some cases 20 years and carry high penalties for early withdrawal." This is the second class-action lawsuit filed in Florida against a national annuity producer alleging wrongful annuity sales and marketing practices involving seniors. 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 Armenian Genocide of 1915 was the first mass killing in the 20th Century—between 1.5 and 2 million people were killed. A class action has been filed against German insurance company Victoria Versicherung AG and three related companies on behalf of descendants of victims massacred in the Armenian Genocide of 1915, who allege that the company failed to pay life insurance policy proceeds to them. Many corporate health benefit programs have been downgraded in the midst of the healthcare crisis. A class action has been filed against Case Corporation and successor to its former parent company, El Paso Tennessee Pipeline Company, on behalf of several thousand retirees and surviving spouses of retirees who worked for Case, who allege that El Paso is refusing to pay the cost for health care premiums for the group in violation of its contract with them. Companies that have allowed market timing trading have been in the news lately. Several class actions have been filed against global professional services firm Marsh & McLennan Companies, Inc. (NYSE: MMC) and certain of its officers and directors by stockholders who purchased the company's common stock between January 3, 2000, through November 3, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Uninsured/underinsured motorist automobile insurance covers you if you are injured in an accident by a liable party who carries insufficient (or no) liability insurance. The parties have reached a tentative $2 million settlement in an action filed against Nationwide Mutual Fire Insurance Company and related companies on behalf of California policyholders who were sent a selection/rejection form by the company and had their uninsured motorist coverage limits raised unilaterally by the company above $30,000/$60,000 and paid for the coverage between January 1, 1994, and December 31, 2002. Claim forms must be postmarked by October 22, 2003, to be considered valid. Riders are peddled by insurance companies to provide extra coverage for specific events or circumstances. Ten related class actions have been filed against Southwestern Life Insurance Company on behalf of all U.S. purchasers of Southwestern Life policies that included child rider coverage. The actions allege that Southwestern Life breached its contracts with class members, committed fraud, and was negligent in its representations about the child riders that it sold.
Life insurance can be a great investment, as long as the company you buy from is reputable. A class action has been filed against Philadelphia Life Insurance Company and its successor, Conseco, Inc., on behalf of persons who purchased certain whole life and universal life insurance policies. The action alleges that Philadelphia Life fraudulently induced policyholders to replace existing policies when it was not in their best interest, and promised them that their new premiums would never increase.
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