On February 12, 2009, a proposed California class-action lawsuit was filed in the United States District Court against Texas-based insurer American National Insurance Company (ANICO). The suit alleged that ANICO engaged in illegal, unfair and deceptive business practices in the course of marketing and selling its deferred annuity products to purchasers in California. The case arose after the plaintiff was solicited and persuaded into placing approximately $400,000 of her assets into deferred annuity products issued by ANICO.
This issue was resolved in 2011.
For additional information on Elder Deferred Annuity Sales Fraud cases, or for more information on our Financial Abuse practice, email Evans Law Firm, Inc..