Class Says Aviva Sold Abusive Tax Shelter

CHICAGO (CN) - A federal class action claims that Aviva Life Insurance Co. pushed a fraudulent tax shelter it called a 419 retirement plan. Aviva allegedly misrepresented the tax benefits, failed to disclose that the IRS said the plan did not meet 419 exemption, did not provide the promised tax deductions, and was an abusive tax shelter.

Plaintiffs say the IRS disqualified the plan and assessed them back taxes, penalties and interest. They sued Aviva Life and Annuity Co. fka Amer US Life Insurance Co., Aviva Life Insurance Co., and Indianapolis Life Insurance Co.

Plaintiffs are represented by Arthur Gold.

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