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Allianz Lawsuit Alleges Fraud, Deceptive Trade Practices and False Advertising
The lawsuit filed against Allianz Life Insurance Company of North America alleges they sold deferred annuities to senior citizens that were unsuitable for seniors' financial needs. The suit also alleges that the insurance company did not adequately disclose that seniors could have their limited savings tied up for as long as 15 years, could not cash in their annuities early without paying hefty surrender penalties, and that payments advertised as "immediate" bonuses were not payable for up to 15 years.
They sold these annuities knowing they were unsuitable for you, the purchaser, falsely advertised the benefits of these annuities and engaged in deceptive trade practices.
Who is Allianz?
How did they target seniors?
What are the specifics of their deception?
How do I know if I qualify?
Q. Who is Allianz?
A. Allianz Life Insurance Company of North America is based in Golden Valley, Minnesota and is owned by Allianz SE of Germany. Allianz SE is the largest financial services company in the world. Allianz Life Insurance Company of North America has approximately $75 billion in assets and approximately $3.5 billion in net worth.
Since 2000, Allianz sold nearly 5,000 deferred annuities to seniors over the age of 70, totaling over $259,000,000.
Q. How did they target seniors?
A. Allianz agents often lured seniors to attend "estate planning" or "wealth management" seminars. The real purpose of the seminars was to sell Allianz annuities to the seniors who attended the seminars. Allianz also lured seniors to purchase the annuities by offering "immediate" bonus payments of five to ten percent of the principal of the annuity. In fact, the lawsuit alleges that Allianz does not pay the "immediate" bonus for as long as 15 years.
Q. What are the specifics of their deception? Q. How do I know if I qualify?
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A. Allianz Life Insurance Company:
A. If you purchased a deferred annuity between September 2001 and December 2006, and are aged 65 or older call us today for your free, no-obligation consultation or email us for more information.
