Bankers Life & Casualty Co. is a national insurance provider that specializes in products for senior citizens and the retirement market including the sale of deferred annuities and long term care insurance. Bankers Life and Casualty Company touts itself for having a significant amount of retirement products for senior citizens. According to Wikipedia, the company’s denial of claims and practices have come under scrutiny in recent years. The company also came under investigation by regulators and had to pay a settlement to insurance regulators after they found that Bankers Life failed to resolve problems with its claim practices.
In Illinois a putative class action lawsuit was filed against Bankers Life & Casualty in federal court. The plaintiffs’ complaint alleges that Bankers Life & Casualty solicits, markets, and sells equity-indexed deferred annuities to senior citizens using fraudulent and deceptive sales tactics. The plaintiffs alleged violations of both federal and state laws, including violations the Racketeer Influenced and Corrupt Organizations Act (“RICO”), violations of certain sections of the California Business Code, financial elder abuse under the California Welfare and Institutions Code, breach of fiduciary duty, breach of the implied covenant of good faith and fair dealing, and negligent misrepresentation. The plaintiffs sought certification of a nationwide class including people who bought certain Bankers Life & Casualty deferred annuities at age 65 or older. A federal judge denied the class certification in March 2012. Evans Law Firm, Inc. was not involved in this case.
Individual litigants may have claims that they can assert in individual lawsuits in California.
If you or a loved one has purchased a deferred annuity from Bankers Life & Casualty Company in recent years in California, please contact Evans Law Firm, Inc., today for a free and confidential evaluation of your rights. We can be reached by email at firstname.lastname@example.org, or by telephone at (888) 503-8267 or (415) 441-8669.