Firms to pay to settle annuity case
Three firms agreed to pay a total of $7.2 million to resolve claims that they charged excessive fees for annuities sold to seniors in California.
The insurers “tricked senior citizens into buying annuities that would not pay out for years and had substantial early withdrawal fees,” Atty. Gen. Jerry Brown said in a statement announcing an agreement with Family First Insurance Services and Family First Advanced Estate Planning, both of Woodland Hills, and American Investors Life Insurance Co., a unit of British insurer Aviva.
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