Allianz Life Insurance Company is currently in a class action lawsuit which involves the sale of deferred annuities to persons over the age of 65. Allegations asserted against Allianz state that they conspired with a network of insurance sales agents to induce persons age 65 or older to purchase deferred annuities. This type of investment requires the owners to pay hefty lump sums up front, and denies them access to said funds for a certain number of years. The documents used to sell the annuities had misleading statements in them. Taking advantage of and abusing the elderly is a very serious issue which may yield dire consequences for the defendants.
Click here for the full article