Life Insurance - Retained Asset Accounts

Keller Rohrback is currently investigating various life insurers (including among others, American International Group Inc., Aetna Inc., Lincoln National Corp., Mutual of Omaha, SunLife, Reliance Standard Life Ins. Co., MetLife, Prudential, Genworth Financial Inc., Unum Group, New York Life Insurance Co., Guardian Life Insurance Co., Northwestern Mutual Life Insurance Co., and AXA unit MONY Life Insurance Co.) for potential ERISA breach of fiduciary duty claims concerning the manner in which the insurers profit from retained asset accounts ("RAAs") by retaining death benefits properly payable to beneficiaries as lump sums that are instead held in the RAAs without disclosing sufficient information about the accounts—or the interest retained by the insurers—to the beneficiaries. In many instances, the insurance companies issue what look like checkbooks to beneficiaries instead of lump sums, which delays the issuance of full death benefits. These “checkbooks” draw on money held by the insurance companies in accounts that continue to earn interest for the insurance companies—money that belongs to the beneficiaries of those who have died.

If you are a beneficiary of life insurance benefits and the proceeds are held in a RAA or if you have questions regarding this investigation, please contact attorneys Laura Gerber or Gretchen Obrist or paralegal Jennifer Tuato'o at 800.776.6044 or via email at info@kellerrohrback.com.