Chicago, IL asked in Securities Law for Illinois

Q: How to file a litigation case against a misconduct in variable annuities.

We bought a variable annuity product from a sales firm based on the guaranteed (minimum) 6% annual growth rate, which is documented in the brochure of the issuer and further rephrased in three e-mails from the sales firm after we discovered their misconducts, i.e., misstatements and omissions and trade misallocation scheme. Both the sales firm and the issuer deny their wrondoings so far. Where and againt whom to file our putative complain in the court?

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1 Lawyer Answer
Zaven Andranik Sargsian
Zaven Andranik Sargsian
  • Securities Law Lawyer
  • Salt Lake City, UT

A: The product you purchased is likely a "security," which means that the state's securities laws as well as the Securities Act of 1933, the Exchange Act, and potentially other federal laws, apply and regulate the sale and offer of the product you purchased. In other words, material misrepresentations and, as you put it, trade misallocation scheme's are prohibited and have, for example, been prosecuted by the Securities and Exchange Commission. As far as "where and against whom to file" your complaint: these regulations are complicated and so meeting with a lawyer that has experience dealing with securities issues is your best option. He or she should be able to guide you on the where and whens.

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