Defending Elders Taken Advantage Of By Annuity Seller
Daphne Rand, an elderly woman with Alzheimer’s disease, was sold two annuities by an insurance company that locked up her money and made it inaccessible for years when she needed it for healthcare costs and her conservatorship. She was the lead plaintiff in a class action on behalf of elderly purchasers of deferred annuities who alleged that the insurance company engaged in a fraudulent scheme to take advantage of elderly clients. Attorneys Ingrid Evans and Andrew Friedman showed the company imposed illegal penalties on elderly clients who tried to access their deferred annuities and did not disclose this vital information according to the law, such as the high surrender charges and penalties for early withdrawal. After several years of litigation, the insurance company agreed to settle with more than 17,000 victims.