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I can NOT recommend Allianz and Wayne Messmer & Associates
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May 21, 2008 Allianz Insurance complaint by AnnuityAlert |
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Two law firms and the Minnesota's Attorney General, Lori Swanson, have brought law suits charging Allianz with misrepresenting it's products. The class action suit being brought forth by Bonnett Farbourn, Friedman & Balint PC contends, "Allianz failed to disclose material facts that would have revealed that its deferred annuities are fundamentally inferior investments for purchasers who are age 65 or older, including excessive commissions to sales agents. Plaintiffs contend that had such disclosure been made, they and Class Members would not have purchased the annuities.
Plaintiffs further allege they have suffered money damages by having their money tied up in illiquid, poorly performing investments and paying surrender charges and other costs. The lawsuits seek to recover monies lost under the deferred annuity contracts including surrender charges, investment losses, forfeited bonuses, treble damages, legal fees and costs, and pre-judgment interest."
In Minnesota's States Attorney lawsuit, "Allianz and agents working on behalf of Allianz ... sold Annuities... not suitable... and misrepresented the terms and conditions of Allianz's deferred annuity products.”
Wayne Messmer & Associates sold these alleged “illiquid, poorly performing investments”. Some have felt this left some with few enough liquid assets to pay for medical, food and home care costs. Some believed they would benefit from a bonus that was largely eaten up by surrender fees.
For many, Allianz contract materials are extremely difficult to decipher and do not clearly explain the in effect “surrender fee” percent penalty loss should a purchaser need their often hyped annuitization value prior to the required period.
Personally I could not trust nor recommend Wayne Messmer & Associates nor would I recommend Allianz.
I personally know of others who regretted purchasing Allianz products when they found themselves feeling locked in with what they perceived as an extremely low rate of return for far too many years. They felt their only other option was to lose far too much of what they were led to believe they would accumulate.
Based on my experience and the experience of others I know, I could not recommend Allianz nor Wayne Messmer & Associates.
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