Insurer Pays $25M To End Claims It Hid Fees From Seniors

Law360, Los Angeles (June 24, 2013, 4:54 PM EDT) -- Jackson National Life Insurance Co. will pay up to $25 million to settle a class action alleging it didn't fully inform senior citizen customers about their annuities' surrender penalties and withdrawal provisions, according to a Friday filing in California federal court.

Jackson National sold 44,000 California seniors annuity products that allegedly didn't include cover page disclosures regarding applicable surrender periods and all associated penalties, the preliminary approval request said.

Under the terms of the proposed settlement, Jackson will make cash payments equal to 22 percent of...
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