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A. Consumer Claims
(Partial List) of Experience and Interest |
| - Defective
Products |
| - Product
claims that were false or unsupported |
| -
Overcharges of various kinds |
| - Insurance
Claims-Failure to pay insured person full benefits promised: |
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(a) Auto |
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| (1) |
Med Pay
- Failure to pay full medical within coverage. |
| (2) |
Total
Loss - Under payment of value. |
| (3) |
Diminished
Value - Reduced value after repairs. |
| (4) |
Betterment
- Charge depreciation for new parts. |
| (5) |
Unearned
Insurance Premiums not refunded when loan (auto or mortgage) is closed
out prior to ending date. |
| (6) |
Property
Damage Claims. |
| (7) |
Steering
by insurance company to shops that don’t fully repair insured auto for
all the damage. |
| (8) |
Drive-in
estimates and underpayment for collision damage. |
| (9) |
Omitted
Repairs. |
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(b) Variable
Annuities and Life Insurance Misrepresentation Claims: |
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-Vanishing Premiums.
-Sales to tax sheltered entities, e.g., IRA’s, Pension Funds, Etc.
-Flipping policies with excess cost or lower benefits. |
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(c) Home or
Business Insurance: |
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(1) Casualty, fire and
other damage.
(2) Requiring Lender insurance that is in excess of cost of
rebuilding.
(3) Insurance in excess of Home Cost of Repair by including land
value or other devices .
(4) Single Premium Insurance. |
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(d) |
Failure to refund unearned single premium on life or disability policies
where the loan is prepaid (including prepayment totaling of the car,
purchase of a new car or bankruptcy, etc.). Usually on mortgage
refinancing or sale of home or vehicle loan is paid early or loan is
defaulted. |
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(e) |
Company charging for insurance for shipments of orders when none
is actually placed. |
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(f) |
Underpayment of medical benefits (usually only class action
claims). |
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- Product
Liability.
- Home Repair Claims.
- Warranty Claims.
- Credit Card Violations.
- Overtime Without Payment of Time and a Half - Insurance Adjusters
and others.
- Debit Card Claims
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1. Reduction for
non-use within stated period.
2. Overdrafts |
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(a)
Over-Charges |
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(1) Escrow - Higher amount
than needed.
(2) Inflated or fictitious charges.
(3) Force placed insurance.
(4) False pricing for costs. |
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(b) Predatory
Lending.
(c) Failure to refund unearned premiums on single premium life and
disability policies when contract is terminated early.
(d) TILA Claims (Truth in Lending) Interest Disclosure is not correct
or otherwise in violation of statute. |
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| - Telephone
Overcharges. |
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(a) improper tax
(municipal tax on customers outside of municipality).
(b) improper charges.
(c) interior wire maintenance charge without proper disclosure.
(d) miscellaneous. |
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| - Trust
Beneficiaries |
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1. Double dipping of
bank fees; management fees plus bank mutual funds
2. Lack of diversification
3. Unsuitable investment
4. Excessive Fees
5. Failure to file claims in class cases
6. Change of Trustee |
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- Health Claims |
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1. Refusal to pay full hospital or doctor or drug charges required
in policy
2. Unsubstantiated benefits of drugs or products
3. Ineffective drugs
4. Undisclosed risks from drugs causing damage. |
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B. Securities and Investment Claims |
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-
Investment fraud
- Arbitration or litigation
- Unsuitable investments
- Unauthorized trading
- Failure to diversify
- Theft of funds
- Financial exploitation of the elderly
- Breach of broker or financial advisor fiduciary duty
- Auction rated securities
- Auction Rate
Securities: action or arbitrations against brokers who sold
these securities indicating a near equivalent to cash.
-Federal
Securities claims for purchases within the fraud period.
-Broker or Investment Banker Claims: Failure to disclose conflicts
of interest due to existing or prospective banking relationship.
- Suitability claims - sale of unsuitable investments or lack of
sufficient diversification.
- Purchase of Variable Annuities in Tax Sheltered Accounts, like IRAs,
pension funds and others.
- Purchase of B shares to large investors in mutual funds without
obtaining price break discounts.
- Risk or diversification unsuitable for investor.
- Lack of diversification.
- Broker of advisor publicly recommending purchase while privately
indicating securities should be avoided or conflicted by serving
as investment banker.
- Arbitration or court suit.
- Broker or banker failure to promptly sweep income received into
interest bearing accounts.
- Bank serving as trustee conflict of interest and breach of
fiduciary duty in buying own mutual. funds which are usually not
matching or exceeding results of other funds, or whose funds have
expenses at the high end of mutual funds.
-Broker Failure to pay class claims collected
-Hedge Funds |
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-Failure to conform to
stated practices or promised level of risk.
-Failure to furnish timely or accurate results that would have
permitted earlier withdrawal. |
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C. Pension Claims |
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1. Incorrect
Calculation.
2. Harassment to quit or improper firing to avoid larger pension entitlement.
3. Eliminated or reduced benefit from overly restrictive vesting rules.
4. Failure to include all types of promised compensation in
calculation of benefit.
5. Misclassification of temporary for long term worker to exclude
them from full benefits.
6. Age discrimination
7. Failure to make actuarially required
contributions. |
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D. Anti-Trust |
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1. Price Fixing -
Direct and Indirect Purchases
2. Market Allocation.
3.Illegal tie-in requiring purchases of another product. |
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E. Whistle blower claims |
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F. Employment
cases |
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1. Overtime class action includes
Allstate, Nationwide, American Family Adjustors and others.
2. Discrimination.
3. Harassment including class for Allstate agents forced out to
avoid right to sell book of business.
4. Pension and insurance including class of Allstate agents. |
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