News & Analysis as of

Summary Judgment Annuities

Carlton Fields

Ringmaster’s Review: Fall 2023 Litigation on Parade

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In Ross v. Venerable Insurance & Annuity Co., a Missouri appellate court reversed judgment in favor of the named beneficiary of a flexible premium deferred annuity contract. Following the annuitant’s death, the beneficiary...more

Cozen O'Connor

Third Circuit Reverses Summary Judgment In Favor of Secondary Market Buyers on Breach of Contract Claim

Cozen O'Connor on

In yet another warning to buyers of structured settlement payment rights on the secondary market, the U.S. Court of Appeals for the Third Circuit reversed the District Court’s order for summary judgment in favor of...more

Carlton Fields

Reinsurer Obtains Summary Judgment in Suit by Annuity Issuer

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Capitol Life Insurance Co. partially prevailed, and partially failed, its effort to overturn unfavorable grants of summary judgment in a recent dispute regarding an annuity policy written by Capitol....more

Carlton Fields

The Continuing Representation Doctrine Does Not Apply to Fraud Allegations

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In Messmer v. KDK Fin. Serv. Inc., an individual action involving alleged fraud in connection with the sale and surrender of deferred annuities to a senior, the Indiana Court of Appeals refused to extend the doctrine of...more

Carlton Fields

Dismissal of Individual Claims Cap Insurer’s Winning Streak in Action Challenging FIA Product Features

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In May, the Southern District of California handed ING a win in a case involving allegations that the company targeted seniors with annuities that hid an embedded derivative structure that made them worth less than promised....more

Carlton Fields

Plaintiffs Survive Standing-Based Challenge to California Senior Notice and Financial Elder Abuse Claims

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In California, actions predicated on alleged senior notice requirement violations and financial elder abuse continue to challenge life insurers. For example, in June, a California federal district court denied the insurer’s...more

Allen Matkins

Court Rules Fixed Income Annuity Is Not A Security Under The CSL

Allen Matkins on

Because annuity contracts involve the payment of money in the expectation of future payments, one might conclude that they are securities within the meaning of the California Corporate Securities Law of 1968. Evidently, that...more

Burr & Forman

The Battle Over the New Fiduciary Rule

Burr & Forman on

On April 6, 2016, the U.S. Department of Labor (“DOL”) issued its final rule expanding the definition of the “investment advice fiduciary” under the Employee Retirement Income Security Act of 1974 (“ERISA”) and modifying the...more

Carlton Fields

Ninth Circuit Finds Bonus Indexed Annuity Delivers Exactly What was Promised

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Observing that it "delivered precisely what it promised," the Ninth Circuit Court of Appeals recently affirmed summary judgment for an insurer in a case alleging violations of the Racketeer Influenced and Corrupt...more

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