Monday, June 6, 2016

CJA and associates 419 412i section 79 scam audits lawsuits Review 300240 Oct…

CJA and associates 419 412i section 79 scam audits lawsuits Review 300240 Oct…

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  1. Class Action Challenges Propriety of 412(e)(3) Annuities for ERISA Defined Benefit Plans

    Insurance Class Action Defense and ERISA Litigation

    On August 1, 2012, a putative class action lawsuit was filed in the District of Connecticut challenging the propriety of certain insurance contracts used to fund defined benefit plans described in section 412(e)(3) of the Internal Revenue Code. U.S. Telemanagement, Inc. v. Fidelity Security Life Insurance Co. et al., No. 3:12-cv-1110 JBA (D. Conn.). Because we perceive that the complaint is attacking the appropriateness of the product, as well as the specifics of the product that the named defendant sold, it is a lawsuit that potentially could have industry-wide implications. In addition, as plaintiffs in some of the ERISA revenue-sharing lawsuits have attempted to do, the complaint alleges that the insurance company that sold the annuities acted as an ERISA fiduciary of the plans. This lawsuit thus extends the attack on insurance companies, as seen in the revenue-sharing

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