National Western Life Insurance Class Action Settlement Of Annuity Class Action Lawsuit.
A class action settlement has been reached in a class action lawsuit against National Western Life Insurance Co. (“National Western Life Insurance” or “National Western Life” or “Defendant”) in California (styled Clark v. National Western Life Insurance Co.) alleging, among other things, that National Western Life Insurance’s business plan targeted selling annuities to seniors, allegedly set up a group annuity policy issued through an out-of-state group and allegedly failed to disclose that National Western would apply surrender penalties to an annuity if money was withdrawn during a 15-year surrender penalty period, according to a National Western Life Insurance annuity class action lawsuit settlement news report.
The National Western Life Insurance lawsuit was reportedly filed on behalf of a statewide class of purchasers aged 65 and over. The proposed National Western Life Insurance annuity class action settlement agreement will reportedly provide a settlement benefit of approximately $17 million.
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