Plaintiffs Abandon Lawsuit Targeting Security Benefit Proprietary Index
December 11, 2019 by John Hilton
A class-action lawsuit alleging that Security Benefit Life Insurance Co. defrauded consumers by implementing a “fraudulent scheme” involving a proprietary index used in two fixed indexed annuities was quietly withdrawn last week.
The lawsuit, filed Oct. 16 in California federal court, was closed with a two-sentence brief asking the court for a “voluntary dismissal.”
An attorney for the three plaintiffs did not return a phone call or an email seeking comment. A spokesman for Secure Benefit declined comment.
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Originally Posted at InsuranceNewsNet on December 9, 2019 by John Hilton.
Categories: Industry Articles