Combating STAT Abuse

Law360, New York (March 23, 2010, 3:23 PM EDT) -- In October and November of 2009, three insurance companies — Western Reserve, Transamerica Life Insurance Co., and Nationwide Life Insurance — filed numerous lawsuits against a Rhode Island estate planner who allegedly claims to have identified a loophole that allows him to profit by selling variable annuity products to terminally ill annuitants.

The alleged misconduct varies by suit, but included fraud, breach of contract, breach of duty of good faith and fair dealing, civil conspiracy, unjust enrichment and negligence.

Through newspaper advertisements and other sources, the...
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