A federal judge refused to dismiss a class-action suit against LifeUSA Holdings Inc. that alleges the company defrauded investors who bought one of its most popular annuities by misrepresenting the interest they would earn. The judge ruled that a jury must decide if the contract for the company's "Accumulator" annuity was "ambiguous," "misleading" and "confusing." The suit alleges that LifeUSA's Accumulator annuity is actually a "bait and switch" scam targeting seniors and retirees.
October 06, 1999 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A federal judge has refused to dismiss a class-action suit against LifeUSA Holdings Inc. that alleges the company defrauded investors who bought one of its most popular annuities by misrepresenting the interest they would earn.
In his 17-page opinion in Benevento v. LifeUSA Holding Inc., U.S. District Judge J. Curtis Joyner ruled that a jury must decide if the contract for the company’s “Accumulator” annuity was “ambiguous,” “misleading” and “confusing.”
Presented by BigVoodoo
The premier educational and networking event for employee benefits brokers and agents.
The Legal Intelligencer honors lawyers leaving a mark on the legal community in Pennsylvania and Delaware.
Consulting Magazine recognizes leaders in technology across three categories Leadership, Client Service and Innovation.
Truly exceptional Bergen County New Jersey Law Firm is growing and seeks strong plaintiff's personal injury Attorney with 5-7 years plaintif...
Shipman is seeking an associate to join our Labor & Employment practice in our Hartford, New Haven, or Stamford office. Candidates shou...
Evergreen Trading is a media investment firm headquartered in NYC. We help brands achieve their goals by leveraging their unwanted assets to...
MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS
