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Mar 7, 2013 by |

Indexed Annuities Marketed to Seniors by Aviva USA Alleged Unsuitable for Elderly Investors

By The Evans Law Firm of The Evans Law Firm posted in annuities on Thursday, March 7, 2013.

-Attorney Newsletter-

Multi-national British owned Aviva USA is the second largest seller of indexed annuities in the United States. Since 2004, Aviva USA has been involved in multiple lawsuits regarding the indexed annuities they sold to senior citizens, one of which was an estimated $570 million settlement in which plaintiffs alleged that Aviva and its affiliates sold annuities that were alleged unsuitable for elderly investors.

When an investor purchases an annuity, the investment often takes years to mature. Senior citizens often do not live long enough to realize gains on such long-term investments. Claimants allege that Aviva’s marketing materials did not disclose the fees and maturity dates for the annuities. One 85-year-old plaintiff purchased an annuity that had a 40-year term to maturity along with severe penalties for early withdrawal in the first ten years of the life of the annuity. Senior citizen plaintiffs allege that the length of term far out lived the investor’s ability to realize gains and resulted in financial losses for elderly investors.

There are several on-going actions in litigation under which a potential plaintiff may bring suit against Aviva or its affiliates. If you or a friend or family member has purchased an annuity from Aviva USA or one of its subsidiaries, AmerUS Group Company, American Investors Life Insurance Company, Creative Marketing International Corporation, or Insurance Agency Marketing Services, contact an experienced qualified attorney. The Evans Law Firm litigates on behalf of senior citizens in cases involving indexed annuities and insurance fraud.

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