Industry Lawsuits

Thanks for coming to the page where you can download some of the lawsuits filed against Pac Life, Minnesota Life, Shurwest (IMO), and others.

For agents, when you put your faith in an IMO to tell you what IUL or other sales structures are good, you are playing with FIRE. If the industry as a whole knew what they were doing and always put the client first, I wouldn’t have much to do. Sadly however, I have too much to do when trying to keep advisors I work with on the right path.

Remember, if it sounds too good to be true, many times is it (and if you ever wonder, just forward me whatever is being pitched to you and I’ll pick it apart and let you know if it’s any good).

Roccy DeFrancesco, JD, CAPP, CMP

Lawsuit No 1–This is the lawsuit alluded to in Roccy DeFrancesco‘s newsletter on 3-15-2021. It’s one against Pac Life, Minnesota Life, Shurwest (IMO), and others in an IRA rescue structure using IUL. To view the complaint in a PDF, click here.

Lawsuit No 2–To download and read the class action complaint against Pac Life for deceptive IUL sales, click here.

Lawsuit No 3–The main defendants that might interest advisors are Minnesota Life and Shurwest (IMO). To view this complaint in a PDF, click here.

Lawsuit No 4–This is a lawsuit against Minnesota Life and Live Abundant (Doug Andrew‘s firm). For those who don’t remember, Doug Andrew wrote one of my least favorite books of all time Missed Fortune 101.  To view this complaint in a PDF,  click here.

Lawsuit No 5—Security Benefit Sued for Fraud in FIA class action lawsuit. To download the complaint in a PDF, click here.