Fidelity & Guaranty Life Class Action Lawsuits
Fidelity & Guaranty Life (F&G) has been involved in several class action lawsuits throughout its history. Here are some of the most notable ones:
1. Deceptive Sales Practices Regarding Indexed Universal Life Insurance (2014):
- Claim: F&G allegedly used deceptive and misleading sales presentations to sell indexed universal life insurance policies, falsely representing them as “investments” or “investment plans.” The company also misled customers about the costs, benefits, and terms of these policies.
- Outcome: F&G settled the lawsuit in 2014, paying $22.5 million to approximately 100,000 policyholders.
2. MOVEit Data Breach (2023):
- Claim: F&G failed to protect the personal information of over 873,000 individuals exposed in a data breach connected to a cyberattack on Progress Software’s MOVEit file-transfer application.
- Status: The lawsuit is currently pending in federal court.
3. Life Insurance Rebate Scheme (2023):
- Claim: F&G accused a former broker of engaging in a $40.3 million life insurance rebating scheme.
- Status: F&G filed the lawsuit against the former broker in an effort to prevent him from using bankruptcy as a reason to escape payment of the alleged fraudulent debt.
4. Mortgage Fraud Scheme (2014):
- Claim: F&G was accused of participating in a mortgage fraud scheme with a mortgage broker.
- Outcome: F&G settled the lawsuit in 2014, paying $2.4 million to the government.
5. Unfair Credit Reporting Practices (2020):
- Claim: F&G was accused of reporting inaccurate information to credit bureaus, which harmed consumers’ credit scores.
- Status: The lawsuit is currently pending in federal court.
It is important to note that this is not an exhaustive list of all the class action lawsuits against F&G. You can find more information by searching online legal databases or consulting with a lawyer.
If you believe you were harmed by F&G’s actions, you may be eligible to join a class action lawsuit. It’s important to consult with a lawyer to discuss your specific situation and determine if you have a valid claim.
