“Always, when offering monetary recommendation, Turk, individually and as a consultant of the Equitable defendants, owed a fiduciary responsibility to his shoppers, together with plaintiff, and was obligated to behave in the very best curiosity of his shoppers,” Russo says.
The acquisition: Russo says within the criticism that he was 68 in December 2006 and dwelling on $3,600 in retirement earnings monthly.
Turk, a pal of Russo’s daughter, inspired Russo to interchange his present retirement account. Turk gave Russo an annuity illustration in February 2007. He by no means offered a duplicate of the contract, a proof of the illustration or different paperwork, Russo says.
The applying confirmed that Russo had a web price of $1.2 million and that he had acquired a prospectus on CD-ROM, though he had not offered monetary info and had not acquired a CD-ROM, based on the criticism.
Russo studies that, earlier this 12 months, Equitable informed him in a letter that he had did not train his GMIB rights on time and likewise directed him to his month-to-month statements.
The statements replicate deductions taken by the AXA Equitable associates for a GMIB cost, Russo says.
Rockland County Supreme Court docket. Credit score: New York State Unified Court docket System