By Robert H. Rex, Esq.
In March 2014, the New York Department of Financial Services fined Axa Equitable Life Insurance Co. $20 million after the regulator accused AXA of limiting returns for legacy variable annuity clients without providing proper notice to the annuity holders.
The regulator found that the changes AXA made to older annuity polices limited gains that a client would have received prior to the change and lowered the value of certain guaranteed benefits.
If you purchased an annuity from AXA or any other brokerage firm and feel that you were misled as to the nature of the investment, call to discuss your legal rights.
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