Filed Under:Your Practice, Regulatory

California couple sues Lincoln National

In January, a Rancho Mirage couple filed a class-action lawsuit against Lincoln National Life Insurance Company for failure to disclose the life settlement option. A U.S. District Court filing in Riverside County reveals allegations of fraud, elder abuse and unfair and fraudulent business practices, and seeks punitive damages and injunctive relief on behalf of the class.

In a 21-page complaint, plaintiffs Larry and Joan Grill, and Steven Grill, the trustee for the Grill’s estate, allege that Lincoln forbids its agents from talking to clients about life settlements. The lawsuit continues that “active concealment” of the settlement option is pervasive amongst life insurance carriers because surrendered and lapsed policies are key sources of profitability.

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Nichole Morford

Nichole Morford
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