Many California seniors may have purchased deferred annuity products from Jackson National Life Insurance Deferred Annuity (“Jackson National”). There is a pending lawsuit in federal courts against Jackson National, in which consumers allege that they may have been misled about the nature of their deferred annuity investments.
A class-action complaint filed on behalf of numerous California plaintiffs in March 2011 in United States District Court alleges that the defendant, Jackson National Life Insurance Deferred Annuity, has engaged in unfair, deceptive, and unlawful business practices that target and harm senior citizens. Among other things, the complaint alleges that Jackson National’s deferred annuities contain substantial undisclosed commissions that adversely affect the annuities’ values and performance; that the annuity products further contain excessive undisclosed surrender charges and other penalties; that the products expose seniors to significant market and credit risk that may result in the loss of principle; and that Jackson National deferred annuities products contain long surrender periods and high surrender charges that are not disclosed as they should be by California law.
This case is ongoing. As of January 2013, the case is scheduled to proceed to trial in October 2013. The class action nature of this suit means that thousands of elders and individuals who purchased deferred annuities from Jackson National Insurance Life Insurance Deferred Annuity 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 annuities, contact The Evans Law Firm by email at firstname.lastname@example.org or call at 888-503-8267.