Case News

United of Omaha GIC Litigation

On May 26, 2017, the firm filed Insinga v. United of Omaha Life Insurance Company in the United States District Court for the District of Nebraska, along with co-counsel Nichols Kaster. The class action complaint alleges that defendant breached its fiduciary duties in connection with the United of Omaha Guaranteed Account, a “guaranteed investment contract” sold to retirement plans. The contract allows United of Omaha to set the credited rate – the amount that plan participants make on their investments – in is sole discretion. The only thing the contract actually guarantees is preservation of participants’ principal. United of Omaha retains the difference between the credited rate and its actual investment earnings on the underlying funds, which is prohibited self-dealing and results in United of Omaha being paid excessive compensation for its services. For more information, please see the complaint or contact Nina Wasow or Todd Jackson.