Filed Under:Your Practice, Regulatory

American Equity approves preliminary agreement in class action suit

A preliminary agreement has been reached in a class action lawsuit against American Equity Investment Life Insurance Co. involving the sale of deferred annuities to seniors.

According to a statement from the Evans Law Firm, one of the law firms that represented the plaintiffs, the preliminary agreement was handed down last month in the U.S. District Court, Central District of California, Western Division. It involved two class actions suits brought against American Equity Investment Life Insurance Co. for alleged deceptive sales practices in regards to the sale of deferred annuity products to senior citizens. The suit contended that the products were marketed to seniors without disclosing all the costs and risks associated with the annuities.

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Nichole Morford

Nichole Morford
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