HOUSTON, May 28, 2016 (GLOBE NEWSWIRE) -- Emerson Scott, LLP announces the filing of a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all owners of Athena Universal Life II policies issued by AXA Equitable Life Insurance Company that were subjected to a cost of insurance rate increase announced by AXA on or about October 15, 2015. This case is on behalf of insureds or policy holders or owners with AXA universal life insurance policies who had sudden increases in their monthly deductions withdrawn from accumulation accounts and/or were hit with premium bills that increased massively and unexpectedly.
Plaintiffs allege that this class action brought against AXA Equitable Life Insurance Company (“AXA”), arises due to the sudden unilateral action by AXA of massively increasing plaintiffs’ premiums and falsely stating that the increase was permitted by the policy terms. Plaintiffs allege that AXA’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seek damages and equitable relief to reverse this massive increase in premiums either through monthly deductions withdrawn from their accounts each month or premium billings. Plaintiffs are represented by the Houston-based firm of Emerson Scott, LLP (“Emerson”) with offices in Houston, Texas and Little Rock, Arkansas. Emerson is a boutique law firm specializing in results, integrity, and personal service. Emerson has devoted its practice to consumer and financial industry class actions. It is deeply involved in cases for folks damaged by corporate misconduct.
If you currently own an AXA Policy or if you previously owned an AXA Policy for which the premium through monthly deduction increase imposed by AXA or billing by AXA after October 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 were forced to drop your policy or reduce its face amount because of the increased premiums, you may have a claim. Other life insurance companies have engaged in similar premium increases. If you are insured by another company and have encountered large, unexpected premium increases for universal life products then please contact us. Other companies known to have massively increased premiums include Transamerica, John Hancock, and Voya Financial. If you are concerned about your rights in this situation, please contact plaintiffs’ counsel, Emerson, at the following toll-free number: 800-663-9817, or via e-mail to John G. Emerson (jemerson@emersonfirm.com) or David G. Scott (dscott@emersonfirm.com). See the Firm’s website at www.emersonfirm.com.