American Equity Investment Life Settles Class Action

July 23 2008

A class action suit in Kentucky against American Equity Investment Life Insurance has been settled in state court. The settlement could be paid to as many as 24,000 older customers who were part of a 'living trust mill.' This is when elderly customers are persuaded by marketers for living trusts to buy living trusts as a way to avoid probate and reduce estate taxes.

However, the American Equity living trusts had 20 year terms and surrender charges for elderly withdrawal were substantial, the plaintiffs alleged.

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