Unfair Annuity Attorney in Los Angeles - Free Consultation
Close Menu

Unfair Annuities Attorney

In a deferred annuity, a purchaser deposits premiums and receives a rate of return, the realization of which is deferred until the term of the annuity. At the annuity term, the purchaser has the option of “Annuitizing,” that is, receiving periodic payments at a set interest rate. Surrender charges, which decrease over time, are imposed for early withdrawal. The rate of return is typically guaranteed for the first year, then subject to a minimum guarantee (usually at a much lower rate) over the term of the annuity.

Deferred annuities have been the subject of a number of class action lawsuits because they hide costs that suppress the rate of return over the life of the investment. They also carry onerous surrender charges that are often not disclosed in the required manner. Deferred annuities are often sold with the promise of a “bonus,” extra premium to be added at purchase but which never materializes when the money is ultimately withdrawn.

Gianelli & Morris has been successful in bringing class action lawsuits over unfair annuities, collecting millions of dollars for policyholders. Some of these cases include: Cheves v. American Investors Life Ins. Co. San Luis Obispo Superior Court Case No. CV031024; Peterman v. North American Co. for Life & Health, Los Angeles Superior Court Case No. BC 357194; Iorio v. Allianz Life Ins. Co. of N. America (S.D. Cal.) Case No. 05-CV-0633 IEG.

Share This Page:
Facebook Twitter LinkedIn Google Plus
Designed and Powered by NextClient

© 2019 Gianelli & Morris, A Law Corporation. All rights reserved.
Custom WebShop™ law firm website design by NextClient.com.