(CN) - Allianz Life Insurance fraudulently marketed its equity index annuities, basing their "monthly index adjustment" on the day before the annuities were purchased, instead of the day they were purchased, a class action claims in Clark County Court, Las Vegas.
The three named plaintiffs claim that Allianz representatives showed them brochures and other marketing materials that promised Allianz would calculate the monthly index adjustment of their annuities using the date of purchase to provide a favorable valuation for the purchasers.
But once they bought and were "locked into" the annuities, the class claims, they discovered that Allianz used the 1-day backdating "to obtain a more favorable valuation for Allianz, and a less favorable valuation for plaintiffs and the plaintiff class."
The class seeks compensatory and punitive damages for breach of contract, breach of faith and fair dealing, consumer fraud and unjust enrichment.
They are represented by Artemus W. Ham with Mainor Eglet of Las Vegas.
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