Client alleged that RR recommended she take monthly withdrawals from her variable annuity contract to show a consistent income stream required for the purchase of a house. Client further alleged that RR informed her that the withdrawals would not impact the Income Double Benefit Rider on the contract. Client later contacted the annuity company and was informed that the withdrawal had caused her to lose the Income Double Benefit Rider. Client is alleging breach of fiduciary duty, negligence and negligent supervision.

$200,000.00

Client agreed to the firm's previous written offer and the matter was settled pre-arbitration. As part of the Settlement Agreement, in January 2023, the firm will compare the value of the annuity's Income Withdrawal Base Benefit to the value of what would have been the Income Double Benefit Rider and make the client whole if there is a short fall. Any future compensation is subject to the client taking no further withdrawals from her annuity between now and January 2023.