Class Action Lawsuits Against Lincoln Financial
There are several ongoing class action lawsuits against Lincoln Financial, each focused on different aspects of their business practices. Here’s a summary of some of the more prominent ones:
1. Lincoln Life & Annuity Company of New York Universal Life Insurance Policy Cost of Insurance (COI) Rates:
- Filed: September 2022
- Claim: This lawsuit alleges that Lincoln Life & Annuity Company of New York breached its contracts with SUL I, SUL IV, UL I, UL II, UL III, and UL LPR policyholders by imposing COI rates that were in violation of the policy provisions.
- Current status: The court allowed the lawsuit to proceed as a class action in March 2023. Discovery is ongoing, and a trial date has not been set.
2. Lincoln OptiBlend Fixed Indexed Annuity Misrepresentation:
- Filed: May 2023
- Claim: This lawsuit alleges that Lincoln Financial misrepresented the potential returns of its OptiBlend fixed indexed annuity, leading to significant losses for investors.
- Current status: The lawsuit is in its early stages, and no significant motions or rulings have been made yet.
3. Lincoln National Variable Universal Life Insurance Policy Misrepresentation:
- Filed: July 2023
- Claim: This lawsuit alleges that Lincoln National misrepresented the features and benefits of its Variable Universal Life insurance policy, resulting in policyholders paying higher premiums than they expected.
- Current status: The lawsuit is in its early stages, and no significant motions or rulings have been made yet.
4. Lincoln Disability Insurance Benefits Denial:
- Filed: Various dates throughout the past several years
- Claim: These lawsuits allege that Lincoln Financial wrongfully denied disability benefits to policyholders who were unable to work due to illness or injury.
- Current status: Each lawsuit is at different stages of litigation, with some being resolved through settlements and others proceeding to trial.
Disclaimer:
This information is for general knowledge purposes only and does not constitute legal advice. It is recommended to consult with an attorney specializing in class action lawsuits to understand your rights and options regarding any of these lawsuits.
