Claims of exploitation of the elderly in the sale of financial products.
Florida Bar Journal › Vol. 80 Nbr. 9, October 2006
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Claims of exploitation of the elderly in the sale of financial products.
A new wave of litigation sweeping across our nation involves the sale of financial products, particularly annuities, (1) that are sold to senior citizens. Savvy attorneys have brought lawsuits against sellers of these products under elder abuse statutes in the form of class actions and individual claims.
Distinctions Between Financial Products Before any analysis of the elder abuse statutes, it is important to have a basic understanding of the financial products that are the subject of elder abuse claims. There are two basic types of annuities on the market: * Fixed annuities--Fixed annuities earn a guaranteed rate of interest for a specific time period, such as one, three, or five years. Once the guarantee period is over, a new interest rate is set for the next period. This guarantee of both interest and principal makes fixed annuities somewhat similar to certificates o...See the full content of this document
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