A settlement amount of $17 million has been agreed upon in the National Western Life Insurance Annuity Class Action Lawsuit Settlement. The lawsuit is entitled Clark v. National Western Life Insurance Co and revolves around claims that the defendants (National Western Life Insurance)targeted selling annuities to seniors without disclosing that heavy penalties would be enforced if annuity money was withdrawn during a 15-year surrender penalty period. Approximately 3200 seniors age 65 or older are included in this class action lawsuit. “The company created the plan to avoid California consumer protection statutes and other state laws that protect, not only the elderly, but all citizens against inappropriate annuity products and sales practices,” Insurance Commissioner Dave Jones said in a statement.
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