A group of investors say they were misled by a fixed indexed annuity that fell far short of back-testing promises and returned almost nothing.
A lawsuit brought against Lincoln Financial on 31 March claims that the annuity provider allegedly sold a fixed indexed annuity (FIA) with illustrations that promised big gains that never materialised. A group of nine investors are seeking class-action status and are suing both Lincoln and Fidelity Product Services, provider of the index linked to the Lincoln FIA, according to the US District Court for the Northern District of Texas. investors' funds were never moved back to a blend of divide