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Michael Phelan
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Allianz Life Accused of Selling Bogus Annuities to Senior Citizens

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There is a potential nationwide settlement involving Allianz Life Insurance Company of North America and the sale of deferred annuities to persons over the age of 65. The allegations asserted against Allianz are that they conspired with a network of insurance sales agents to fraudulently induce people 65 years of age or older to purchase deferred annuities by means of misleading statements contained in the uniform sales materials. Allianz allegedly failed to disclose material facts that would have revealed its deferred annuities are fundamentally inferior investments for purchasers who are age 65 or older.

This class action is pending in the United States District Court for the Central Division of California, Western Division. Claimants who wish to opt out of this class action and pursue an individual claim must file an opt out notice postmarked before May 15, 2007. Opting out may very well be the best strategy for some claimants. If you wish to consult an attorney about the Allianz Life Insurance Company of North America class action, please contact us.