Investor Awarded Six Figures After Annuity Loss Against Citizens

Significant Award for Retiree in Annuity Dispute with Citizens Securities

Shepherd Smith Edwards & Kantas is proud to share a recent victory in a FINRA arbitration, where our dedicated annuity fraud lawyers successfully represented a retiree. This elderly client faced significant financial losses due to an investment in a Colorado Bankers Life Insurance annuity, commonly referred to as a CB Life annuity.

The Details of the Case

The arbitration panel ruled in favor of our client, ordering Citizens Securities to pay a total award of $152,382.41 in compensatory damages, along with an additional $48,762.37 to cover attorney's fees. This substantial amount underscores the seriousness of the client's grievances and the mismanagement of their investments.

During the arbitration, our client asserted claims such as breach of contract and fiduciary duty. The evidence indicated that the CB Life annuity was improperly recommended to them by their broker at Citizens Securities, causing undue financial harm. Although the arbitration ruling did not explicitly explain the basis for the damages awarded, it is believed that a lack of transparency regarding investment status played a key role.

Impact on Retired Investors

Investors like our client were marginalized due to the broker’s failure to inform them of critical developments related to their investments. These omissions created missed opportunities for the investor to divest before experiencing irreversible losses.

Challenging Experiences for CB Life Annuity Investors

At Shepherd Smith Edwards & Kantas, we are actively assisting more than 100 investors in seeking redress against broker-dealers like Citizens Securities for their CB Life annuity losses. Our firm understands the financial distress faced by many retired individuals who counted on these investments for their livelihood.

Moreover, numerous clients have reported feeling left in the dark regarding their CB Life annuities, which further deepens our commitment to seeking justice for those affected. The attrition of funds in annuities after the company faced regulatory actions has left many retired investors without the financial support they expected to receive.

Longstanding Advocacy for Investors

For over three decades, our firm has championed the rights of investors both in the U.S. and internationally against broker-dealers and investment advisors. Over the years, we've effectively recovered hundreds of millions of dollars for our clients, enabling them to reclaim their financial stability.

Legal Assistance for Affected CB Life Annuity Investors

If you have experienced losses due to a Colorado Bankers Life annuity, it is crucial to understand your legal options. Our team of experienced attorneys can assess your case and advocate for the compensation you deserve. Don’t hesitate to contact us for a consultation.

Frequently Asked Questions

What was the outcome of the FINRA arbitration for the retiree?

The arbitration panel awarded the retiree a total of $152,382.41 in damages, along with attorney's fees amounting to $48,762.37.

What kind of claims were made against Citizens Securities?

The claims included breach of contract, breach of fiduciary duty, misrepresentations, and negligence regarding the CB Life annuity investment.

How did Shepherd Smith Edwards & Kantas assist the retiree?

Our law firm represented the retiree in the FINRA arbitration, advocating for their rights and achieving a favorable outcome.

Why are many investors concerned about CB Life annuities?

Investors have reported significant losses and a lack of communication from their broker-dealers regarding the status of their CB Life annuities, leading to financial distress, especially among retirees.

What should I do if I experienced losses in a CB Life annuity?

If you have suffered financial losses from a CB Life annuity, consider reaching out for legal support to explore potential claims against the financial institution involved.

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