Aviva Class Action?

Charpress · 08-31-2009, 05:53 PM

Got a call from a client a few minutes ago asking me about some mail she got today. Seems that there is a settlement offer in the wind of a class action suit against AmerUS, American Investers and Aviva.

I haven't heard anything and I don't see anything on Aviva's site.

Anyone know about this? I'm sure I will get more calls from anxious clients.

golfnut · 08-31-2009, 07:01 PM

It is posted on their website.....It gave me a headache reading it..obvious lawyers are invloved with this...lol. It appears to me that the settlement is an offer of an additional bonus, but they have to go out of defferal and begin taking payments? Granted I did not read the press release in its entirety, but it appears to have two classes. I just received my fourth call from a Client today, will have the pamplet they send out to Clients tomorrow. Perhaps someoen can interpret this so I can get a better understanding of any potential consequences. Hopefully, there is no early exit from contracts that would cause the agent community chargebacks....

annuityseller · 09-01-2009, 01:54 PM

I had a client call me about it. I told her are you happy with what we did and she said yes so I said then just throw it away.

policy doctor · 09-01-2009, 05:10 PM

I've been reading the same MDL (multi-district level) settlement and inside I thought...well here we go. Consumers have/had a sane product with no market risk and somebody decides it is too complex for them to have.

I guess stocks, mutual funds, and other products that yo-yo are smarter to buy and hold. Yes, there will be some clients who will bail so agents will have to repay those commissions. Now we know why AVIVA stopped selling FIA's (and other co's too) earlier this year.

Banks don't like the competition from the annuities.....but they are peddling indexed CD's. Article is on producers web.

This industry is getting to be a minefield.

Charpress · 09-01-2009, 06:28 PM

This is so typically Aviva.

When I got home yesterday, after posting this thread asking WTF? -I found a letter to me from Aviva.

The upshot was that they were letting me know that Aviva was going to send out a letter to consumers "late in August" about the class action settlement and that I should not discuss anything in the settlement with my clients but instead refer them to a toll-free number so they could talk to an Aviva representative. Hard to discuss something you know dick about. Real nice to sound totally ignorant to the people you sold the product to. "You mean you can't explain this to me?"

I received this on the last day of August. It was a heads-up to me letting me know that I should be prepared for letters going out before the letter warning about the letters going out went out. Huh?

golfnut · 09-02-2009, 07:36 PM

I could not read where a Client could get out of a contract, but I just assumed it was in the fine print somewhere?

GT350 · 09-02-2009, 08:01 PM

Why exactly is there a class action suit against Aviva?

Charpress · 09-03-2009, 12:17 PM

It seemed to be the usual suitability issues and marketing practices.

This stuff has almost become boilerplate. Just replace "Allianz" with "Aviva" or whatever other company you want to sue and extort a settlement.

Actually, from what they sent me it was very unclear except I did see that old "suitability" word stuck in there somewhere.

indaville · 09-04-2009, 09:51 AM

I think the 12 clients that sued them are getting something like $100,000 divided by the 12. The attornies are getting $18,000,000.

Pretty much sums it up for me, and I am in no way defending Aviva!!!

Norwayguy · 09-04-2009, 07:43 PM

Originally Posted by Charpress

This is so typically Aviva.

When I got home yesterday, after posting this thread asking WTF? -I found a letter to me from Aviva.

The upshot was that they were letting me know that Aviva was going to send out a letter to consumers "late in August" about the class action settlement and that I should not discuss anything in the settlement with my clients but instead refer them to a toll-free number so they could talk to an Aviva representative. Hard to discuss something you know dick about. Real nice to sound totally ignorant to the people you sold the product to. "You mean you can't explain this to me?"

I received this on the last day of August. It was a heads-up to me letting me know that I should be prepared for letters going out before the letter warning about the letters going out went out. Huh?

In a case like this when a client called I would tell them that Aviva wants to explain what is happening and initiate a confrence call tell your client you'll take notes during the call and explain their options after they get off the confrence call.