LPL Individual Retirement Account IRA Holders File Class Action Lawsuit Against LPL Financial Over Alleged Sale By Brokers Of Unsuitable Variable Annuities In IRAs or Other Qualified Retirement Accounts or Plans And/Or To Investors Entering or Nearing Retirement.
A class action lawsuit filed against LPL Financial Corp. (the “Defendant”) in Nebraska state court District Court of Lancaster County (Case No. CI 10-1883) allegedly seeking to rescind purchases of variable annuities through LPL and recover monetary damages as a result of LPL’s alleged misrepresentations and material omissions made in connection with the sale of variable annuities within Plaintiffs’ Individual Retirement Accounts IRAs, has been removed to federal court, United States District Court for the District of Nebraska (captioned Richard and Carol Ripley v. LPL Financial Corp., Case No. 4:10-cv-03115-CRZ), according to a class action lawsuit news report.
The LPL Financial Variable Annuity class action lawsuit complaint reportedly alleges that LPL, through its agent Robert R. Bennie, made multiple material misrepresentations regarding the nature, suitability, and appropriateness of a variable annuity within an IRA or qualified retirement plan, and within the context of the investment and retirement goals of Plaintiffs and others similarly situated and failed to disclose and explain the inappropriate and unsuitable nature of a variable annuity viewed in context of the financial situations and investment and retirement goals of Plaintiffs and other similarly situated.
The LPL Financial Variable Annuity class action lawsuit complaint reportedly asserts several claims against LPL, all of which are based on state law: Fraudulent Misrepresentation (CountI); Fraudulent Concealment (Count II); Negligent Misrepresentation (Count III); Negligence (Count IV); violation of the Securities Act of Nebraska (Count V); Breach of Contract (Count VI); and Breach of Fiduciary Duty (Count VII).
If You Have Thoughts On The LPL Financial Variable Annuity Class Action Lawsuit, Share Your Class Action Comments Below.
Wondering if anyone has more information about Robert R. Bennie?
Mr. Elsener – did you ever get reply to your question. I too have a huge issue with LPL – Cecelia Cook in SC
I had a LPL annuity account for over 6 years – set up with very reputable advisor/agent in Lancaster, PA but had to transfer it to SC agent when I moved. My plans were to let it grow and draw it when I had the option to annuitize or draw out in lump sum. Due to gross mismanagement, negligence, non-communication I lost half of my life savings (and it wasn’t that much). BECAUSE MY ACCOUNT SET UP SO THAT I DIDN’T HAVE TO WORRY ABOUT MOVING MONEY AROUND, I NEVER WAS TOLD THAT IN FACT, I COULD MAKE CHANGES TO MY ACCOUNT. NOT UNTIL MY ACCOUNT HAD LOST HALF ITS VALUE. Additionally my funds had been set up to auto balance so system was taking money from the few funds that were making a few pennies and transferring that money back to the funds that were losing. I was assured when I set my account up, that the advisor would meet with me one time a year and we would review my investment goals and consider tweaking the allocations. This was good as long as I lived in PA. I had never personally made any changes to this annuity – they were all made by the Advisor or his computer. All it would have taken would have been a review by my SC LPL advisor at his computer (I was in the back country with very spotty cell service and ever less chance to get to a computer to check my account). I wanted a stable investment but I did expect somebody “looking after the store”. I HAVE TRIED ARBITRATION USING FINRA BUT ARBITRATOR WILL NOT TELL ME WHY HE RULED IN LPL’S FAVOR. I hate to spend what little there is left in legal fees — I’m damned if I do and damned for sure if I don’t. I WAS SMALL CLIENT AND WAS IGNORED SO WEALTHIER CLIENTS COULD BE PROTECTED. I’m now 72, single and have health issues. I need the money that was mine. I LOST BELOW THE AMOUNT I DEPOSITED INTO THE FUND 7 YEARS EARLIER. CWC
I too was sold a variable annuity by an LPL advisor. It was within my IRA. The “advisor” told me it was “guaranteed to double in 10 years” and that “I couldn’t lose”. Well guess what? I did…over 1/2 my original investment. No one at LPL would help me. Now, Prudential owns the contract and they will not help me either. I truly trusted the “advisor” as my Dad and I both had other investments with him. I guess that large commission (greed) took him over.
July of 2012, LPL “advisors” were pushing Prudential Premier Retirement Variable Annuity Series B, starting with the seniors. This ten year annuity is UNSUITABLE for someone my age. The advisor made me believe I was signing for one thing, when I was really signing for her to sell my shares I had in Franklin Mutual Fund, and put the proceeds in Prudential. I lost my Franklin inestment. It is fraud, and the annuity is “unsuitable.” However, to collect my damages, it would cost me fees WAY over the amount of my damages….so it’s a win-lose situation.