SAN FRANCISCO – A San Mateo man alleges that several financial institutions sold deferred annuity policies to seniors that do not conform to state law and has filed a class-action lawsuit.
Paul M. Davis, individually and as trustee/settlor/grantor of the Paul M. Davis Revocable Trust of 2011 and the Paul M. Davis Revocable Trust of 2011, filed a complaint on behalf of other similarly situated consumers on May 24 in the U.S. District Court for the Northern District of California against Riversource Life Insurance Co., Ameriprise Financial Services Inc., Ameriprise Holdings Inc. and Ameriprise Financial Inc., alleging violation of California business and professional code.
According to the complaint, the plaintiff, who is older than 65, alleges that between December 2013 and February 2014, he purchased deferred annuity policies which would not take effect not until plaintiff is 95 years of age. The plaintiff holds Riversource Life Insurance Co., Ameriprise Financial Services Inc., Ameriprise Holdings Inc. and Ameriprise Financial Inc. responsible because the defendants allegedly sold policies to plaintiff without disclosing important information about the plan and collected surrender penalties were not disclosed.
The plaintiff requests a trial by jury and seeks injunctive relief enjoining the defendants, disgorgement of ill-gotten profits and pay restitution to plaintiff, all damages, double damages, interest, all legal fees and any other relief as the court deems just. He is represented by Ingrid Evans and Michael A. Levy of Evans Law Firm Inc. in San Francisco and Andrew S. Friedman and Francis J. Balint Jr. of Bonnett, Fairbourn, Friedman & Balint PC in Phoenix, Arizona.
U.S. District Court for the Northern District of California Case number 3:16-cv-02801