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Security Benefit Headquarters Building

This class action is about certain equity-indexed deferred annuities (EIAs) sold by Security Benefit Life Insurance Company. The complaint alleges that Secure Benefit provided deliberate misinformation on the annuities’ potential performance while rigging the rules for them so that they provided little or no return. The complaint alleges violations of the Racketeering Influenced and Corrupt Organizations (RICO) laws.

Disabled Person

Structured Settlement Annuities (SSAs) are often used to settle personal injury or medical malpractice cases where large sums will be needed to pay for long-term treatment or care of an injured person. SSAs help persons who may be impaired or not financially savvy by providing steady or periodic income streams over long periods of time. But the complaint claims that beneficiaries are vulnerable to unscrupulous companies who want to buy their income streams for low but immediate payments that are not proper compensation for the long-term income. State and federal laws require judicial review of all such purchases to ensure that they are in the best interest of the beneficiaries. Unfortunately, the complaint alleges, a conspiracy has been formed in Virginia that involves an attorney, companies that purchase SSA benefits, and complicit judges. The complaint alleges that the conspiracy violates RICO laws and defrauds beneficiaries.

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The complaint alleges NCR made changes in the plan over time concerning the definition of credited service and the requirements for vesting in the plan. The complaint also alleges that NCR attempted to find other ways to remove its obligations to employees and retirees.

This class action lawsuit alleges that Metropolitan Life Insurance Company ("MetLife") breached its fiduciary duties to ERISA-covered retirement plan clients by failing to disclose key information including the manner in which it sets the internal "crediting rate" used to distribute capital investment income to their accounts.