Shepherd Smith Edwards & Kantas Wins Six-Figure Award For Retiree Against Citizens Securities Over CB Life Annuity Losses
Our Annuity Fraud Lawyers Represented This Investor in FINRA Arbitration
Shepherd Smith Edwards & Kantas (investorlawyers.com) is pleased to announce that a FINRA arbitration panel has awarded $152,382.41 in compensatory damage to our client against brokerage firm Citizens Securities. That is the full amount we requested on behalf of this elderly retiree at the hearing. Not only that, but the broker-dealer also has to pay $48,762.37 in attorney’s fees.
Our client sustained serious losses in a Colorado Bankers Life Insurance investment—specifically, the Colorado Bankers Life (CBL) annuity—that was unsuitably recommended to him by his Citizens Securities broker. In his FINRA lawsuit, this investor alleged breach of contract, breach of fiduciary duty, misrepresentations, omissions, negligence, vicarious liability, and more.
Though the award gave no details as to why the FINRA arbitration panel rendered the decision of damages and attorney’s fees, factors may have included that there was publicly available information about the status of the investment and its leaders, which was not shared with the client. Had our client been aware of these developments, there were opportunities to get out of the CBL investment before it was too late.
CB Life Annuity Investors Sustained Devastating Losses
Citizens Securities, which is a subsidiary of Citizens Bank, is one of the brokerage firms to come under scrutiny for marketing and selling CB Life annuities from Colorado Bankers Life Insurance. Owner Greg Lindberg recently pleaded guilty to a $2 Billion insurance fraud that has cost tens of thousands of investors much of their savings.
Shepherd Smith Edwards & Kantas is representing over 100 investors in their annuity loss claims against the broker-dealers that promoted and earned high sales commissions from selling these products, as well as other Lindberg-issued annuities, including Northstar Financial Services (Bermuda). A number of our clients are suing Citizens Securities over their CB Life annuity losses.
Colorado Bankers Life Insurance investors saw their money frozen for years after the insurer was seized by North Carolina regulators. This impacted many elderly investors and retirees who were depending on dividends from their CB Life annuity investments to financially support them.
Brokerage firms earned high commissions from selling CB Life annuities and other Lindberg issued-annuities. The many investors who have since filed annuity loss claims have alleged unsuitability, misrepresentations and omissions, overconcentration, negligence, gross negligence, failure to supervise, and more.
Fighting For Investors For Over 30 Years
Our seasoned annuity fraud lawyers work with U.S. and foreign investors in the pursuit of damages they are owed by U.S. broker-dealers and investment advisers. We have more than a century’s worth of combined experience in securities law and the securities industry. We have the skills, resources, and knowledge to provide robust, quality securities representation in even the most complex claims. Over the years, we have helped thousands of investors to collectively recoup hundreds-of-millions of dollars from liable financial firms and their registered representatives.
Contact Our Trust CBL Annuity Fraud Attorneys
If you sustained losses in a Colorado Bankers Life annuity, there is still time to explore your legal options. Call (800) 259-9010 or fill out this form.