Midland National Life Insurance
June 2014: A federal judge preliminarily approved a settlement to a class-action lawsuit against Midland National Life Insurance Company. The complaint, which was originally filed in 2011, alleges that, among other things, the company deceptively markets its deferred annuities. According to the complaint, Midland’s sales brochures market the annuities as a retirement vehicle with bonuses and asset accumulation linked to stock indexes and tax-deferred growth without also informing consumers that the company shifts the cost of bonuses and sales commissions to the consumers over time. According to the settlement terms, the benefit each class member is eligible to receive depends upon the status of the class member’s annuity as of the benefit determination date. For more information, go to www.VaccarinoSettlement.com. A final fairness hearing is scheduled for September 22, 2014. (Vaccarino et al v. Midland National Life Insurance Company and Does 1-100, Case No. 11-cv-05858, C. D. CA.).
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