California Panel Upholds Elder Abuse, Negligence Claims In Annuity Surrender Suit

Mealey's (May 12, 2022, 11:51 AM EDT) -- SACRAMENTO, Calif. — A California appellate court on May 10 affirmed a trial court’s judgment for an annuitant filing negligence and financial elder abuse claims against an insurer that issued an annuity, but reversed a punitive damages award against the insurer, remanding for reconsideration of an attorney fee award, finding that the insurer committed financial elder abuse in accepting money to purchase the annuity while charging a surrender penalty but that evidence is lacking to show that the insurer knew its agent’s “propensity” for “misconduct.”...