January 24, 2005
News Advisory-CLASS ACTION SEEKS TO HALT SALE OF INSURANCE ANNUITIES TO SENIORS
WHAT: A class action lawsuit will be filed tomorrow on behalf of senior citizens who allege that their insurance annuities are unsuitable because they don’t start making annuity payments until after their life expectancy.
John Migliaccio was 73 when he paid $43,000 for a life insurance annuity from Midland National Life Insurance Company. But, the annuity payments don’t start until his 115th birthday.
Believed to be a widespread practice within the insurance industry involving sales to seniors generating billions of dollars.
All case related documents, including the annuity policy, are available upon request.
WHEN: Tuesday, January 25, 2005
WHERE: Los Angeles Superior Court
WHO: Plaintiff attorney, Claremont based William M. Shernoff, a specialist in consumer insurance cases Co-Counsel: Howard D. Finkelstein of Finkelstein & Krinsk LLP Stephen R. Basser of Barrack, Rodos & Bacine
Named Defendant Midland National Life Insurance Company.
Media Contact: Jason Sanchez 909-621-4935 Office 909-730-2300 Mobile jsanchez@sbd-law.com www.sbd-law.com/press_room.php
