Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
A California Court has preliminarily approved a class action lawsuit settlement with Fidelity and Guaranty Life Insurance Company (“FG Life”), formerly known as OM Financial Life Insurance Company (“OM Financial”), over claims it deceptively sold and marketed life insurance policies. If you currently or previously owned an Indexed Universal Life Policy since 2007, you may be eligible to claim certain benefits.
The FG Life class action settlement resolves allegations that FG Life/OM Financial violated certain California consumer protection laws by:
- engaging in misleading and deceptive sales presentations;
- encouraging customers to obtain a mortgage on their residence or home equity line of credit and use the proceeds to purchase IUL policies;
- misrepresenting the IUL policies as “investments” or “investment plans”; or
- improperly describing the IUL policies’ costs, benefits and terms.
FG Life denies the allegations and contends that its Indexed Universal life insurance policies provide valuable life insurance and protect the holder against substantial market uncertainties and downturns, but agreed to a class action settlement to resolve the litigation.
Who’s Eligible
Class Members of the FG Life life insurance settlement include all persons who have or had an ownership interest in an IUL Policy issued by FG Life or OM Financial between Jan. 1, 2007 and March 31, 2014.
Potential Award
Interest Enhancement. Class Members with an active IUL policy as of March 31, 2014 will automatically receive a 1% increase in the minimum guaranteed interest rates of each active policy. For example, if your IUL Policy provides for a 1% guaranteed minimum interest rate, then that guaranteed interest rate will be increased to 2% for one year.
Inactive Surrender Benefit Relief. If you had an IUL Policy that was surrendered or lapsed as of March 31, 2014, you can elect to participate in the Claim Review Process and potentially obtain Inactive Surrender Benefit Relief. To get this relief, your claim form must be received by Oct. 2, 2014. You will receive a pro rata share of $1.255 million fund created for these claims, which could amount to 10%, 30% or 60% of the surrender charge you paid when the IUL Policy was surrendered or lapsed.
Proof of Purchase
Name, Address & Policy Number
Claim Form Deadline
10/02/2014
Case Name
Eddie L. Cressy v. Fidelity & Guaranty Life Insurance Company, et al., Case No. BC514340, Superior Court of the State of California, Los Angeles.
Final Hearing
11/18/2014
Settlement Website
Claims Administrator
Cressy v. Fidelity & Guaranty Life Insurance Co. Settlement Administrator
c/o Dahl Administration
P.O. Box 3614
Minneapolis, MN 55403-0614
1-888-454-3019
Class Counsel
P. Michael Yancey, Esq.
James M. Terrell, Esq.
MCCALLUM, METHVIN & TERRELL, P.C.
Gary A. Waldron, Esq.
WEINTRAUB TOBIN
David I. Lipsky, Esq.
LAW OFFICE OF DAVID I. LIPSKY
Defense Counsel
Frank A. Taylor
BRIGGS AND MORGAN, P.A.
James S. Azadian
ENTERPRISE COUNSEL GROUP, ALC
ATTORNEY ADVERTISING
Top Class Actions is a Proud Member of the American Bar Association
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
©2008 – 2024 Top Class Actions® LLC
Various Trademarks held by their respective owners
This website is not intended for viewing or usage by European Union citizens.
9 thoughts onFG Life/OM Financial Life Insurance Class Action Settlement
I paid for an insurance policy for 15 years to fidelity and guaranty only to be told that it would more than quadruple in cost by the end of this year also that I would not be refunded any of the thousands of dollars I paid into it. This can not be legal. What can I do? I need help!!
I enrolled in Fidelity & Guarantu Life Insurance almost 16 years ago,about the year 2008.My premium since then has been $63.95 per month.At the time of signing up for the policy,a F,G,& I Representative explained to me that once my policy reached 20 or 25 years,that I would be reimbursed my entire premium paid into the policy for those 20 or 25 years.At this point don’t know if that factual or not.Today(March 19,2024) I looked on line concerning F,G,& I Life,and saw there are some serious complaints about them.Would you please advise me on the matter.
I have been making Life Insurance Policy payments to FG Life/OM since 2007.
Is this a mistake?
I’ve recently read the complaints of a class action suit settled around 2014, that I’m just learning of now.
Do you have recommendations
Fidelity & Gauranty Life Ins now sounds like a hoax company and totally unethical group of trained, sharp tongued, well trained, deceitful representatives.
Is there any recourse for me at this point?
Want reimbursement from LG REFRIGERATOR class action law suit. Been spending money that should have been covered by LG. They should have replaced each refrigerator knowingly selling LG refrigerators with bad compressors.
Hi! I’m paying life insurance with you guys and now I have a new checking account. Is there a number I can call to update the info?
This settlement is from 2014. You should try contacting class counsel with your questions. Counsel is listed in the article and can be Googled for contact information.
Father took out american investors annunities from Fidelity & Guarantee Life in Lincoln Ne. With 14 year surrender charge. In 2012 when my father was 82 they got him to surrender those policies and take out new annunities with 14 year surrender charges.
can you explain it more specifically? I was going to sign up the F&G annuity and I read this comments made me hesitated..
did you end up applying?