Migliaccio & Rathod LLP is investigating whether Nationwide fixed-index annuity products, including Nationwide Peak 10 and related products, were marketed with upside illustrations that failed to disclose the risk of future cap-rate or participation-rate reductions adequately.
Reported Issues
Consumers report:
- Purchasing a Nationwide fixed-index annuity based on promised upside potential.
- Believing the annuity offered market-linked gains without market losses.
- Later seeing cap rates or participation rates reduced.
- Receiving lower credited interest than expected.
- Being locked into the product by surrender charges.
Nationwide Peak is described as a single-purchase-payment deferred fixed-indexed annuity with protection features, and its materials reference current rates, caps, and participation rates; rate materials indicate renewal-rate mechanics can depend on contract issue date and rate-lock terms.
Why Individuals Should Be Concerned
Potential claims include:
- Misleading annuity illustrations
- Consumer fraud
- Breach of implied covenant
- Elder financial abuse
- Omission of renewal-rate risks
- Economic loss from reduced upside
Signs You May Be Affected
- You purchased Nationwide Peak 10 or another Nationwide FIA.
- Your cap or participation rate was lowered after purchase.
- Your credited interest fell below what sales illustrations suggested.
- You could not exit without a surrender charge.
- You purchased based on representations of safe market-linked growth.
If you have encountered these issues, we would like to hear from you. Please complete the contact form on this page, send us an email at [email protected], or give us a call at (202) 470-3520.