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Fiduciary Duty › Class Action › Annuities

Bricker Graydon LLP

Pension Risk Transfer Considerations and Recent Litigation - A Case of Imprudent “Passing the Buck” or Sound Risk Management?

Bricker Graydon LLP on

Over the last several years, numerous large pension plan sponsors have transferred billions of dollars in financial risk related to their pension plan benefit obligations to insurance companies through the purchase of group...more

Carlton Fields

Dismissal of Individual Claims Cap Insurer’s Winning Streak in Action Challenging FIA Product Features

Carlton Fields on

In May, the Southern District of California handed ING a win in a case involving allegations that the company targeted seniors with annuities that hid an embedded derivative structure that made them worth less than promised....more

Carlton Fields

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #2 - Q&As on Annuity Sales Practices,...

Carlton Fields on

Last month, we wrote about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This paper continues that discussion. I emphasize to the reader that...more

Carlton Fields

What’s Your Game Plan? Offensive or Defensive: Playing to Your Strengths [Expect Focus – October 2016]

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- AXA Prevails at First Post-Jones v. Harris Excessive Fee Trial - Potential Secondary Effects of Regulatory Examinations: Evidentiary Issues and Preclusion in Parallel Litigation - On The Horizon: Global...more

Carlton Fields

Class Certified in Unique Fixed Indexed Annuity Case

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The creative theories of liability and damages on display in the recent certification of multiple classes suggest that the long run of annuity class actions is not over yet. Plaintiff in Abbit v. ING USA Annuity and Life...more

WilmerHale

Life and Annuity Series: Significant Litigation Risks

WilmerHale on

WilmerHale Partner Charles Platt, a leading commercial litigator who is recognized nationally for his work defending financial services and insurance companies, periodically drafts legal news alerts for clients about the life...more

WilmerHale

Life and Annuity Series: Excessive Fees—Different Theory

WilmerHale on

A recent decision on "excessive fees," titled Santomenno v. Transamerica Life (C.D. Cal.), supports an even broader theory of ERISA liability than the "sub-advisor" claims I have previously reviewed, but it restricts that...more

WilmerHale

Life and Annuity Series: Annuity Cases—Good 9th Circuit Decision

WilmerHale on

The August 2015 decision from the 9th Circuit, titled Eller v. Equitrust Life Ins. Co, provides helpful precedent for the defense of annuity sales practice cases. Plaintiff Eller brought a RICO class action alleging,...more

Goodwin

Insurer Agrees to $140 Million Settlement in ERISA Case Challenging Revenue Sharing Practices

Goodwin on

Nationwide Life Insurance Co. has agreed to settle ERISA fiduciary breach claims brought on behalf of a class of retirement plan trustees that purchased annuity contracts and/or services from Nationwide for their plans....more

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