Janet Abaray -Western and Southern sold a SPIA contract to our client witha minimum guarantee date of 20 years and required that if he lived beyond the 20 years, he would continue to receive his monthly annuity benefits for the remainder of his life.
Cincinnati, Ohio (PRWEB) December 01, 2011
The nationwide class action complaint, case no. 1:11-cv-00836, filed in federal court in the Southern District of Ohio, alleges that Western and Southern breached its SPIA contracts by failing to pay annuity benefits to the annuitant for his/her lifetime. The SPIA contract requires Western and Southern to pay the annuitant’s designated beneficiaries the annuity payments to the minimum guarantee date, but if the annuitant lives beyond the minimum guarantee date, the contract requires payment for the lifetime of the annuitant. The class action complaint also alleges that Western and Southern negligently or fraudulently misrepresented to plaintiff and potential class members that, even if they lived beyond the minimum guarantee date, they were only entitled to benefits up to the guarantee date and not for the remainder of their life. Plaintiff’s complaint seeks declaratory relief and compensatory damages on behalf of Plaintiff and all Class members.
Janet Abaray, managing partner of the Cincinnati Office of Burg Simpson, said, “Western and Southern sold a SPIA contract to our client which had a minimum guarantee date of 20 years and required that if he lived beyond the 20 years, he would continue to receive his monthly annuity benefits for the remainder of his life. However, when the 20 years was up, Western and Southern stopped the annuity payments and told him he was not entitled to annuity benefits for the rest of his life. Western and Southern sells annuity contracts nationwide, so we believe our client may not be the only victim of these unlawful practices.”
With offices in Cincinnati, Denver, Cody and Phoenix, Burg Simpson is a firm of award-winning lawyers, practicing in the areas of personal injury lawsuits, class action, medical malpractice lawsuits, dangerous drug litigation, unsafe products, insurance bad faith, employment law, commercial and securities litigation.