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Case ID: 4907 | Stocks | 09/08/2006
A Class Action was filed on behalf of all persons who, from October 1, 1998 through October 1, 2001, who purchased or otherwise acquired an individual tax-deferred variable annuity contract or who received a certificate to a group tax-deferred variable annuity contract or who made an additional investment through such a contract, issued by any of the defendants, which was used to fund a contributory retirement plan or arrangement qualified for favorable tax treatment pursuant to sections 401, 403, 408, 408A or 457 of the Internal Revenue Code (the "Class").
The defendants are AEGON USA, Inc. and six of its subsidiaries/affiliates, Western Reserve Life Assurance Co. of Ohio; PFL Life Insurance Company; AUSA Life Insurance Company, Inc.; Bankers United Life Assurance Company; AFSG Securities Corporation and AEGON Financial Services Group, Inc. The complaint alleges that the defendants violated the Securities Act of 1933 by making material misstatements and omissions, in their selling documents including prospectuses, which caused plaintiffs and other members of the Class to purchase the variable annuity contracts. The tax-deferred variable annuities sold by defendants are virtually never suitable investments for tax-deferred retirement accounts because earnings on any such annuity placed in such a retirement plan are already tax-deferred, and purchase of a deferred annuity increases costs without any material, additional economic benefit. 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 Stocks Cases of Interest A class action has been filed against biopharmaceutical company CV Therapeutics, Inc. (Nasdaq: CVTX) and certain of its officers and directors by stockholders who purchased the company's common stock between May 14 and August 1, 2003.
A class action has been filed against Lazard Ltd. (NYSE:LAZ), certain of its officers and directors by stockholders who purchased the company's common stock between May 04, 2005 and May 12, 2005. 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. A class action has been filed against Harley-Davidson, Inc. (NYSE:HDI), certain of its officers and directors by stockholders who purchased the company's common stock between January 21, 2004 and April 14, 2005. 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. Several class actions have been filed against technology company Datatec Systems, Inc. (Nasdaq: DATCE) and certain of its officers and directors by stockholders who purchased the company's common stock between June 26 and December 16, 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. A class action has been filed against telecommunications provider Team Telecom International, LTD. (Nasdaq: TTIL) and certain of its officers and directors by stockholders who purchased the company’s common stock between May 15, 2001 and November 14 2002. 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. If you've purchased FAO stock, you may be entitled to claim money in a settlement for $2,225,000. A hearing will be held before the Honorable Michael W. Baylson, United States District Court for the Eastern District of Pennsylvania, 601 Market Street, in a courtroom posted on the Court's schedule, Philadelphia, PA 19106 at 4:00 p.m., on May 16, 2005 to determine whether the proposed settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the motion of Plaintiffs' Counsel for attorneys' fees and reimbursement of expenses. |
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