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Mooney v. Allianz Life Insurance Company of North America
The Nygaard Law Firm is currently representing individuals who were sold Equity Indexed Annuity products issued by Allianz Life Insurance Company of North America. The case has been filed as a class action in the United States District Court for the District of Minnesota.*
On Thursday, May 10, 2007, Judge Ann Montgomery of the United States District Court entered an Order certifying a nationwide class of All individuals who from February 9, 2000 to the present purchased one of the following two-tiered annuities from Allianz Life Insurance Company of North America: BonusMaxxx, BonusMaxxx Elite, BonusDex, BonusDex Elite, 10% Bonus PowerDex Elite, MasterDex 10, and the InfiniDex 10. The Class excludes all persons who purchased these Annuities from Allianz while they were California residents and when they were 65 or older.
The Complaint filed alleges violation of the Minnesota Consumer Protection Statutes and unjust enrichment. The focus of the allegations is on misrepresentations and omissions in Allianz's sales practices, which are designed to deceive consumers into purchasing their two-tiered Equity Indexed Annuity products. These products are advertised as offering "up-front" or "immediate" bonuses; however, the class alleges that these bonuses are neither immediate or up-front. In addition, these annuity products require the consumer to leave their money in the Annuity for at least fifteen years; however, the class alleges that this fact is not clearly explained in the company's sales literature. By promising the bonuses and failing to adequately disclose the required holding period, these products seem very appealing to consumers. Based on these misrepresentations and omissions, Allianz has generated billions of dollars in premiums in these products.
* The case is Mooney v. Allianz Life Insurance Company of North America. Click here to read a copy of the Amended Complaint (Adobe Acrobat required -- click here if you need to download the free Adobe Acrobat reader).
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