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American Equity Investment Life Insurance might fraudulently induces senior citizens to buy expensive deferred annuities that offer little value to a senior citizen.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Misrepresentation
- Investments
- Unsuitable Investments
- Deferred Annuities
- Unsuitable Annuities
Product or Service
- Annuities
Injury Type
- Monetary Loss
Investigation Details
This is an investigation and pending class action lawsuit against American Equity Investment Life Insurance Company.
The class action lawsuit claims American Equity Investment Life Insurance knowingly engaged in an unethical and fraudulent scheme targeted towards senior citizens. The class action lawsuit alleges American Equity exploits customers' fears of outliving their assets and pushes them into a deferred annuity plan that ties up their investments and savings for 10 to 20 years. These accounts carry large surrender charges and create complications for loved ones dealing with estates when family members pass. The lawsuit further alleges that American Equity sells these plans through a network of marketing and sales agents using fraudulent and deceptive sales tactics.
The class action lawsuit claims American Equity Investment Life Insurance knowingly engaged in an unethical and fraudulent scheme targeted towards senior citizens. The class action lawsuit alleges American Equity exploits customers' fears of outliving their assets and pushes them into a deferred annuity plan that ties up their investments and savings for 10 to 20 years. These accounts carry large surrender charges and create complications for loved ones dealing with estates when family members pass. The lawsuit further alleges that American Equity sells these plans through a network of marketing and sales agents using fraudulent and deceptive sales tactics.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| American Equity Investment Life Holding Company (AEL) | American Equity Investment Life Holding Company, through its subsidiaries, engages in the development, marketing, issuance, underwriting and administration of annuities and life insurance in the United States. |