COUNTERCOLUMN: All Your Bias Are Belong to Us

Thursday, October 21, 2004

Law Firm Considering Class Action Against First Command, Others

The following is from the Web page of a consumer protection law firm called Lieff Cabraser, Heimann, & Bernstein, LLP

The national consumer protection law firm of Lieff Cabraser Heimann & Bernstein, LLP, is investigating alleged deceptive and unfair business practices by companies selling supplemental life insurance and other financial products to soldiers, marines, airmen, navy personnel and other members of the U.S. armed forces. Allegations have been made that the insurance sold to GIs provides little additional coverage at high prices.
Companies that Lieff Cabraser is investigating include:
* Trans World Assurance
* Academy Life Insurance Company
* American Fidelity life Ins. Co.
* American Amicable life Ins. Co.
* Pioneer American Insurance Co.
* First Command

Specific insurance plans that are subject to this investigation include:
* Flexible Dollar Builder
* Wealth Builder
* Security Builder
* Fidelity Destiny Fund II
* Pioneer Independence Fund

They aren't Milberg Weiss, the 800 pound gorilla of the financial services industry class action lawsuit world. But they're a substantial firm with the resources to devote to a national case.

The firm isn't going to want to turn away business, so if you feel you've been wronged by another financial services company not listed here., they want you to feel free to contact them. There is no charge or obligation if they consider your case.

It's interesting...by turning the case into a class-action, the companies in question have no recourse to force the case into mandatory NASD arbitration, which is notoriously biased against the consumer.

This will substantially increase the legal costs of the lawsuit (and depress any eventual judgement or settlement), but the chances of a broad success, and meaningful punitive damages, are also increased by pulling the case OUT of the NASD arbitration rooms and in front of a jury.

Their website is www.lieffcabraser.com

Splash, out

Jason

Countercolumn received no compensation for this powder-puff posting (not that I'd complain if I did.)

[CLICK HERE TO ENTER THE NET] posted by Jason : 08:12 EST, Thursday, October 21, 2004 63 transmissions this net

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