For more information on our elder financial abuse cases contact Ingrid Evans at
415-678-3800

Lawsuits have been brought against the following banks:

  • Bank of America
  • Washington Mutual, Inc.

Lawsuits have been brought against the following insurance companies:

  • AIG Annuity Insurance Company
  • AIG Sun America
  • American General
  • American International Group
  • Conseco Life Ins. Co.
  • Bankers Life
  • Fidelity and Guaranty Life Insurance Company
  • Jackson National Life Insurance Company
  • National Western Life Ins. Co.
  • North American Company for Life and Health Insurance
  • Standard Life Ins. Co. of Indiana
  • Sun Life Insurance Company
  • Transamerica Life Ins. Co.

Additional Insurance Companies that Sell Deferred Annuities

  • Bankers Life and causality company
  • ING North America
  • Jefferson Pilot
  • Old Mutual Financial
  • Equitrust
  • Americo
  • Great American
  • Lincoln Financial

 

 

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BANK ANNUITY SALES FRAUD - WASHINGTON MUTUAL AND AIG ANNUITY INSURANCE COMPANY (American General)

If you are 65 years or older and have purchased an annuity from a bank or seminar you should know about this lawsuit.

FOX 8 I-Team Report: Deferred Annuities

Fox 8 News I-Team reporter, Lorrie Taylor, tells the story of one woman who signed on the dotted line and locked herself into a deal she could not escape.

The following lawsuit was brought against AIG Annuity Insurance Co. (American General and Washington Mutual) and provides an example of bank annuity sales fraud and demonstrates the way in which seniors can be taken advantage of by unscrupulous individuals and large corporate interests. The plaintiff alleged unlawful business practices, false and misleading advertising, breach of the implied covenant of good faith and fair dealing, fraudulent concealment, negligence, breach of fiduciary duty, and elder abuse. The following story was based on the allegations in this lawsuit.

Does This Story Sound Familiar to You?

Dorothea B., a 92 year old widow was a plaintiff in litigation in which she alleges she was taken advantage of by one of the nations's largest insurance companies, AIG Annuity, and a locally prominent bank Washington Mutual, which markets itself as the consumer's trusted friend.

According to allegations in the lawsuit, Mrs. B's advanced age and diminished mental abilities made her particularly vulnerable to these companies' marketing efforts, and enabled them to convince her to purchase a deferred annuity. This complicated investment product rendered Mrs. B's funds inaccessible for a number of years . This investment was wholly inappropriate for a person her age because of her life expectancy and immediate health care expenses.

The complaint further alleged that the defendants' conduct is particularly troubling because it violated Mrs. B's trust. Like most senior citizens, Mrs. B frequently visited and trusted her long time bank, and relied upon them for financial advice. Despite warnings from regulators that deferred annuities with long surrender charges are inappropriate for senior citizens, the Defendant nevertheless persuaded their elderly client to purchase this insurance product thereby enriching themselves with undisclosed, and unjustifiable commissions.


As the litigation demonstrates, it is very important to periodically check your investment portfolio and make sure that your finances are in order and that you do not find anything suspicious.

For Additional Information On Our Bank Annuity
Sales Fraud Cases
E-mail Ingrid Evans or Call (415) 678-3800


Bank of America, Washington Mutual, Inc., AIG Annuity Insurance Company, AIG Sun America, American General, American International Group, Conseco Life Ins. Co., Bankers Life, Fidelity and Guaranty Life Insurance Company, Jackson National Life Insurance Company, National Western Life Ins. Co., North American Company for Life and Health Insurance, Standard Life Ins. Co. of Indiana, Sun Life Insurance Company, Transamerica Life Ins. Co., Bankers Life and causality company, ING North America, Jefferson Pilot, Old Mutual Financial, Equitrust,Americo, Great American, Lincoln Financial