WilmerHale Partner Charles Platt, a leading commercial litigator who is recognized nationally for his work defending financial services and insurance companies, periodically drafts legal news alerts for clients about the life...more
3/29/2016
/ Annuities ,
Captive Insurance Company ,
Class Action ,
COI Rates ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Fiduciary Duty ,
Insurance Industry ,
Investment Company Act of 1940 ,
Life Insurance ,
Proposed Regulation ,
Reinsurance ,
Retirement Plan Providers
Class action plaintiffs have long claimed that insurance companies may become ERISA fiduciaries when offering variable annuity products and funds to 401(k) plans.
The Colorado federal court decision in Teets v. Great...more
There have been several new class actions filed recently challenging “shadow insurance” transactions between life insurance companies and their “captive reinsurers.” Three of those class actions are in federal court in New...more
1/25/2016
/ Annuities ,
AXA Equitable Life ,
Captive Insurance Company ,
Class Action ,
Insurance Industry ,
Life Insurance ,
MetLife ,
Misrepresentation ,
NAIC ,
Reinsurance ,
RICO
A recent decision on "excessive fees," titled Santomenno v. Transamerica Life (C.D. Cal.), supports an even broader theory of ERISA liability than the "sub-advisor" claims I have previously reviewed, but it restricts that...more
Below is an update on the "excessive fee" cases under section 36(b) of the Investment Company Act of 1940.
Most of these complaints are now proceeding on the "sub-adviser" theory: that annuity contract-holders pay...more
9/8/2015
/ Affiliates ,
Annuities ,
AXA Equitable Life ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Excessive Fees ,
Hartford Life and Accident Insurance Company ,
Insurance Industry ,
Investment Adviser ,
Investment Company Act of 1940 ,
Retirement Plan ,
State Farm
The August 2015 decision from the 9th Circuit, titled Eller v. Equitrust Life Ins. Co, provides helpful precedent for the defense of annuity sales practice cases.
Plaintiff Eller brought a RICO class action alleging,...more