Annuity Litigation Roundup
September 28, 2021 by Dimitrije Canic, Brooke Patterson
Court Emphasizes Disclosure Substance Over Form
A recent decision in Nofsinger v. Jackson National Life Insurance Co. shut down a putative class action in which the plaintiff alleged she surrendered her annuity contract after receiving a deceptive letter regarding her contract options from Jackson National and was then charged an improper surrender charge.
In Nofsinger, the plaintiff purchased a dual fund annuity contract from Jackson National as a supplemental retirement plan vehicle for teachers in 1991.