EQUI-VEST Investor Alert: Dicello Levitt LLP Files Class Action Lawsuit Against Equitable Financial Life Insurance Company and Announces Opportunity for Investors in EQUI-VEST Variable Annuities to Lead EQUI-VEST Class Action

/EIN News/ -- SAN DIEGO, July 16, 2024 (GLOBE NEWSWIRE) -- DiCello Levitt LLP announces that it has filed a class action lawsuit seeking to represent those who invested in and/or made contributions to an EQUI-VEST variable annuity between July 15, 2019 and July 18, 2022 (the “Class Period”). Captioned Devlin v. Equitable Financial Life Ins. Co., Case No. 24-cv-5962 (N.D. Ill.), the EQUI-VEST class action lawsuit charges Equitable Financial Life Insurance Company with violations of the Securities Exchange Act of 1934. EQUI-VEST investors have until September 16, 2024, to seek appointment as lead plaintiff in the EQUI-VEST class action lawsuit.

If you suffered losses and wish to serve as lead plaintiff, please provide your information here: https://dicellolevitt.com/securities/equi-vest

You can also contact DiCello Levitt attorney Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. Lead plaintiff motions for the EQUI-VEST class action lawsuit must be filed with the court no later than September 16, 2024.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Case Allegations: Equitable Financial Life Insurance Company is an insurance company that provides variable annuity, life insurance, and employee benefit products to both individuals and businesses.

The EQUI-VEST class action lawsuit alleges that Equitable charged investors significant undisclosed fees on their EQUI-VEST variable annuities, held within 403(b) or 457(b) supplemental retirement savings plans, in violation of §10(b) of the Securities Exchange Act of 1934 (“Exchange Act”), 15 U.S.C. §§78j(b), and Rule 10b-5, promulgated thereunder, 17 C.F.R. §240.10b-5. Since at least 2016, through at least the first half of 2022, Defendant’s account statements excluded the most significant fees that investors paid on their accounts. Instead, the account statements listed as fees only certain types of administrative, transaction, and plan operating fees—most often amounting to zero or a very small number—which were, in fact, only a slight fraction of the overall fees paid by the investor.

The Lead Plaintiff Process: The Private Securities Litigation Reform Act of 1995 permits any investor who held and invested in EQUI-VEST variable annuities during the Class Period to seek appointment as lead plaintiff of the EQUI-VEST class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the EQUI-VEST class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the EQUI-VEST class action lawsuit. An investor’s ability to share in any potential future recovery of the EQUI-VEST class action lawsuit is not dependent upon serving as lead plaintiff.

About DiCello Levitt: At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens’ rights and interests. Every day, we put our reputations – and our capital – on the line for our clients.

DiCello Levitt has achieved top recognition as Plaintiffs Firm of the Year and Trial Innovation Firm of the Year by the National Law Journal, in addition to its top-tier Chambers and Benchmark ratings. The New York Law Journal also recently recognized DiCello Levitt as a Distinguished Leader in trial innovation. For more information about the Firm, including recent trial victories and case resolutions, please visit www.dicellolevitt.com.

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Media Contact:

Amy Coker
4747 Executive Drive, Suite 240
San Diego, CA 92121
619-963-2426
investors@dicellolevitt.com