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EQFN.US
id: 1309

Equitable Financial (EQUI-VEST) Hidden Fees Case

N.D. Illinois
Court
1:24-cv-05962
Case number
15 Jul 2019
Class period Start
18 Jul 2022
Class period End
16 Sept 2024
Lead Plaintiff motion deadline
  • $EQUI-VEST investors filed a claim against Equitable Financial for hiding the true costs of its EQUI-VEST variable annuities.
  • EQUI-VEST investors can join this case to be notified about potential recovery.
Case Details:

Since 2016, Equitable Financial charged undisclosed high fees on EQUI-VEST annuities and misled customers with inaccurate account statements, according to the SEC.

Equitable’s EQUI-VEST account statements listed items like “Net Investment Portfolio Results,” “Total Account Value,” and “Fees and Expenses” on the front page.

Despite fees being deducted, the statements misleadingly showed “Fees and Expenses” as $0.00 for the quarter or year, leaving investors unaware of the actual costs.

Based on these events, $EQUI-VEST investors filed a claim against Equitable Financial, accusing it of the following:
  • Equitable Financial hid extra fees on EQUI-VEST annuities.
  • The company also misled customers by not fully showing these costs on their account statements.
Considering all the representations, investors suspect Equitable Financial hid the true costs of its EQUI-VEST variable annuities.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Suspected Party
Management
Service Provider
Security Type
Plans (Investment, Pension, Insuranse)
Trade Direction
Long
Shock Event Date
18 July 2022
Filing date
15 July 2024
Lead Plaintiff Deadline
16 September 2024
Judge
Hon. Jorge L. Alonso
Collecting participants…

Equitable Financial Corp

Equitable Financial Corp. operates as the holding company for Equitable Bank that provides various banking products and services in Nebraska, the United States. The company offers checking and savi...

    Ticker
    EQFN.US
    ISIN
    US29448T1051
    CIK
    1635626
    Sector
    Financial Services
    Industry
    Banks - Regional
    Country
    USA
    Address
    113 North Locust Street, Grand Island, NE, United States, 68801