A previous lawsuit was originally brought (by other firms) against North American, a part of the Sammons Annuity Group division. The complaint alleged that North American imposed surrended charges on senior consumers and failed to disclose certain important information in the course of marketing and selling their deferred annuity products.
According to the allegations in the previous lawsuit against North American and other insurance companies, the defendants failed to disclose to the senior consumers information that may have been important or material to them, including, but not limited to, the products’ high surrender charges; and that the interest credited over the term of these annuities is improperly lowered to recoup high commissions paid to their sales agents and any promised premium bonus. Certain deferred annuity products sold by North American included:
- North American Bonus 10
- Market Choice Bonus
- North American Heritage Bonus
- North American Heritage Max
- Market Choice III
If you or a family member was sold a deferred annuity from North American Company for Life and Health Insurance (North American) and live in California, please contact Evans Law Firm, Inc..