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Case ID: 4361 | Insurance | 07/27/2005
The first class action against AmerUs Group Co., AmerUs Life Insurance Company, American Investor Life Insurance Company Inc., and their affiliates AmerUs Annuity Group and Family First Insurance Services was filed April 11, 2005.
The class action complaint alleges that AmerUs Group Co., a publicly traded company on the New York Stock exchange (AMH), AmerUs Life and its affiliates’ sales practices are in violation of the federal Racketeering Influence Corrupt Organizations Act or RICO; and California’s elder abuse laws. According to the complaint, the companies designed a scheme to exploit senior citizens by the deceptive marketing of estate planning services, commonly call “trust mills”, to obtain the financial information of seniors in order to target them as purchasers of deferred annuities. The complaint further alleges that in many cases the annuities have maturity dates well beyond the senior’s life expectancy and have significant surrender charges, even on death benefits—which most seniors did not understand. The annuities had huge up-front premiums, in some cases over $100,000, which in many cases represented significant portions of the seniors’ life savings. Nationally recognized California attorneys represent the insurance policyholders, including lead plaintiffs Edward and Gloria Inferrera, who were 78 and 74 years of age, respectively, when they were sold two AmerUs Life Insurance Company deferred annuities. Both annuities sold to the Inferreras are not scheduled to mature until 2029; well beyond their respective actuarial life expectancies at the time of sale. Recently, the California Attorney General filed a similar action on behalf of California seniors alleging that living trust mills tricked seniors into using retirement assets to purchase annuities. 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 Judgment has been entered against United HealthCare Services, Inc. and its insurer-sibling HealthCare Insurance Company on behalf of participants in pharmacy benefit plans governed by the federal Employee Retirement Income Security Act and administered by United. The action asks United to provide reimbursement for drug overcharges that occurred when the plan administrator failed to pass on its negotiated prices to participants. Monetary damages will not be distributed until all proceedings have been finalized and all possible appeals have been exhausted. Burial insurance can be a relatively inexpensive way to offset funeral expenses. The class has been certified in a nationwide action filed against Liberty Life Insurance Company on behalf of all African-Americans who are current or former owners of industrial life insurance policies issued by Liberty Life or any insurance companies acquired by Liberty Life, and who were charged race-based premiums that were greater than premiums charged to similarly situated Caucasians. The action alleges that the company committed fraud and violated state unfair practices laws when it used blatantly discriminatory sales tactics to target unsophisticated consumers as potential buyers of industrial insurance, also known as burial insurance.
A class action lawsuit has been filed in the Northern District Court of Oklahoma against Epeo Link, Inc. for violations of the Employee Retirement Income Security Act (ERISA). ERISA is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans. Class members seek a declaratory judgment that they are entitled to relief under ERISA, money damages, injunctive relief, punitive damages, attorney's fees and costs of the litigation. A class action lawsuit has been filed in federal court against Safeco Insurance Company of America. Although originally filed in Orange County (California) State Superiof Court, the case has been removed to the federal court system at the request of the defendants. The case involves violations of federal fair credit reporting law. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. The use of substandard non-original equipment manufacturer parts in auto repairs as required by auto insurance companies is a topic of growing controversy. The class has been certified in a class action filed against Government Employees Insurance Company on behalf of Illinois auto insurance policyholders who allege that the company forces them to use lower-quality parts to fix their vehicles in violation of their policies. A class action has been filed against Metropolitan Life Insurance Company (Met Life) Inc., a New York based provider of insurance and other financial services (NYSE: MET) and certain of its officers and directors by stockholders who purchased the company’s common stock between April 5, 2000 and October 19, 2004. The action claims 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. |
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