Many California seniors may have purchased deferred annuity products from Jackson National Life Insurance Company (“Jackson National”). There is a pending lawsuit in federal courts against Jackson National, in which consumers 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 Company has engaged in unfair, deceptive, and unlawful business practices that target and harm senior citizens. Among other things, the complaint alleges that Jackson National annuity products 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 Company in California and across the nation could potentiall y 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, please contact The Evans Law Firm today for a free and confidential evaluation of your rights. We can be reached by email at email@example.com, or by telephone at (888) 503-8267 or (415) 441-8669. We are among the nation’s leading advocates in the field of annuities fraud.