A court in Northern California heard a motion last week in an alleged elder financial abuse case against Jackson National Life Insurance Company for allegedly selling inappropriate deferred annuities to seniors. This putative class action case was brought with allegations that Jackson National Life Insurance Company sold deferred annuities to senior citizens and violated the disclosure requirements of California Insurance Code by failing to disclose information about facts, risks, and surrender charges associated with the policies. Plaintiffs further allege that Jackson National Life Insurance Company’s actions were misleading, harmful, and unfairly targeted senior citizens.
In recent days, Defendants Jackson National Life Insurance Company brought a motion to dismiss the putative class action complaint, arguing that a statute of limitations barred the Plaintiffs from bringing the complaint. But the Court denied this motion and ruled that it was in fact appropriate for this Complaint to be brought. Because this case is closely linked to an earlier certified class action case against Jackson National Life Insurance Company, members of the earlier class may also be members of this current putative class.
The practice of selling deferred annuities and other inappropriate insurance products to seniors is spreading rapidly throughout California and the country. The upholding of the Complaint in Derry v. Jackson National Life is a positive step in the struggle to protect our senior citizens from fraudulent and malicious exploitation.
This case is ongoing in the United States District Court Northern District of California. The putative class action nature of this suit means that thousands of elders and individuals who purchased deferred annuities from Jackson National Insurance Company in California and across the nation could potentially be affected by the outcome. If you live in California and want to talk to a lawyer about these or other issues related to elder financial abuse or deferred annuities, contact The Evans Law Firm by email at firstname.lastname@example.org or call at 888-503-8267.