Variable annuities are insurance contracts providing payments that fluctuate according to the performance of the underlying mutual funds. Variable annuities are marketed by insurance companies as attractive ways to invest your retirement savings. According to the New York Times and other publications, however, federal and state regulators, including the Securities and Exchange Commission, NASD and the Attorney General of New York, have found evidence of abusive and improper practices by sellers of annuities.
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Variable Annuity
Abusive variable annuity practices include undisclosed commission payments and side agreements with hedge funds and other favored investors to allow market timing, in which firms rapidly buy and sell shares in variable annuities based on market-moving information, rather than holding the shares as intended for long-term investment. Market timing harms long-term investors, who are not allowed to participate in the practice, by diluting the profits they would otherwise receive and concentrating their losses.
You may have been harmed if you invested in a variable annuity. The investigation into abusive practices in variable annuities potentially implicates the following leading sellers of variable annuity products: Conseco Variable Insurance Company, Hartford Life Insurance, John Hancock, Lincoln National, Equitable Life, AIG/Sun America, Prudential, MetLife, ING, Nationwide, ManuLife, Alger, Invesco, Janus, Fidelity, Oppenheimer, Scudder, Travelers, Credit Suisse, Morgan Stanley or Putnam. However, other companies may be implicated as well.
Variable Annuity Legal Help
If you or a loved one has suffered losses as a result of investing in a variable annuity, please click the link below to send your complaint to a lawyer who will evaluate your claim at no cost or obligation.
Posted on Jan-30-04
Updated on Feb-10-09 |
VARIABLE ANNUITY ARTICLES AND INTERVIEWS
Couple's Money Improperly Put in Variable Annuity
 Richmond, VA: Bill C says that his money was improperly put into a variable annuity when his financial advisor failed to follow his instructions. By the time she corrected her error, Bill's investment had lost some of its value. Although Bill says he did not lose a lot of money, he would not have lost any money at all if his advisor had acted according to his wishes. [ Read More ]
Variable Annuities Law Changed
 Miami, FL: Seniors living in Florida now have some added protection from unscrupulous brokers who sell them unsuitable variable annuities. The state has toughened the suitability requirements that such brokers must meet when they sell variable annuity insurance products to consumers. The state has also strengthened fines against those brokers who use fraudulent sales practices to sell annuities to customers. [ Read More ]
Variable Annuity "A Terrible Product"
 Denver, CO:Kathryn S (not her real name), put a lot of money into variable annuities a year ago. Unfortunately, since she invested the money, she has lost a lot of it. She says her money is locked into the variable annuities, leaving her with no choice but to ride it out. [ Read More ]
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