HOUSTON, May 07, 2016 (GLOBE NEWSWIRE) -- Emerson Scott, LLP announces the filing of a class action lawsuit in the United States District Court for the Central District of California on behalf of a California and a nationwide class of persons with Transamerica universal life insurance policies who had sudden increases in their monthly deductions withdrawn from accumulation accounts that increased by 38%. A petition for Multi-District Litigation has been filed and it is not known yet whether cases will be consolidated and transferred to single forum.
Plaintiffs allege that this class action brought against Transamerica Life Insurance Company (“Transamerica”), arises due to the sudden unilateral action by Transamerica of massively increasing plaintiffs’ premiums and falsely stating that the increase was permitted by the policy terms. Plaintiffs allege that Transamerica’s real reason for the premium increase was to subsidize its cost of meeting its interest guarantee, to recoup past losses on the policies and on its investment portfolio, and to make the polices more profitable by inducing policy terminations by those policyholders who could not afford the increase.
Plaintiffs seek damages and equitable relief to reverse this massive increase in monthly deductions withdrawn from their accounts each month. Plaintiffs are represented by the Houston-based firm of Emerson Scott, LLP with offices in Houston, Texas and Little Rock, Arkansas. Emerson Scott, LLP is a boutique law firm specializing in results, integrity, and personal service. Emerson Scott, LLP has devoted its practice to consumer and financial industry class actions. It is deeply involved in these sorts of cases for folks damaged by corporate misconduct.
If you currently own a Transamerica Policy or if you previously owned a Transamerica Policy for which the Monthly Deduction increase imposed by Transamerica beginning August 1, 2015 has resulted or threatened to result in higher monthly charges than those applicable under the rate schedule in effect before that date, then you may have a claim. If you are concerned about your rights in this situation, please contact plaintiff’s counsel, Emerson Scott, LLP, at the following toll-free number: 800-663-9817, or via e-mail to John G. Emerson (firstname.lastname@example.org) or David G. Scott (email@example.com). See the Firm’s website at www.emersonfirm.com.
Source:Emerson Scott LLP