Lincoln Financial in settlement talks with ex-agent who sued over FIA returns
June 21, 2023 by John Hilton
The update sets out a court schedule that ends with a trial date of April 7, 2025. The discovery phase, the initial disclosure included, is delayed until Dec. 18, 2023.
Sheryl Moore, CEO of both Moore Market Intelligence and Wink, Inc., does not think those dates will be needed.
“Insurance companies have a record of settling disputes, whenever possible,” she said. “No one likes to see their name in lights with a class action lawsuit. No doubt the Lincoln case will not make it to court.”
Click HERE to read the full story via INN
Moore on the Market: The more I think about this case, the more I am mystified.
How could you be an insurance agent that sells indexed annuities, and not understand that the contract can return 0%? That the illustration is hypothetical only?
I typically side with the consumer and agent when it comes to these types of suits that are the byproduct of independent agent distribution. I am not a fan of illustrations, but this case is somewhat ridiculous.
Do you think this agent was just trying to save face with his clients? Or, maybe he saw deep pockets, and that motivated the lawsuit?
Kudos to John Hilton at InsuranceNewsNet for the inside scoop. – sjm
