Allstate Faces Suit Over Deferred Annuities Penalties

By Sean McLernon (August 8, 2012, 12:30 PM EDT) -- The son of a deceased Allstate Life Insurance Co. policyholder lodged a putative class action Monday in California federal court accusing the company of deceptive marketing to the elderly and failing to properly disclose surrender charges for early withdrawal from deferred annuity products.

Robert Von Merta claims Allstate developed and issued unlawful policies to California residents aged 60 and older that did not adequately reveal hefty surrender charges that remain in effect for the first nine to 10 years of the policy. The company is taking advantage of seniors who typically have a "diminished ability to understand complex investment transactions," the...

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