January 5, 2015. Marin County California Superior Court Judge Roy O. Chernus ordered ING North America Insurance Corporation and Lion Connecticut Holdings, Inc., to pay $36.8 million to 34 families of Fireman’s Fund Insurance Company retirees and employees. The Court’s ruling today resolves a seven-month civil trial which commenced over six years ago. The plaintiffs previously received $7.5 million settlement from Fireman's Fund in this case.
HORNSTEIN LAW was co-lead counsel in the case.
The Court earlier found that ING’s former subsidiary Successful Money Management Seminars, Inc. (“SMMS”), negligently licensed and promoted California financial advisors Gary Armitage, Jeffery Guidi, and their colleagues to provide seminar programs and related financial advice to employees at Fireman’s Fund’s Novato, California campus. On the advice of Armitage and his colleagues, the plaintiffs invested virtually all of their 401k plan accounts, pensions, and other money in what they believed to be safe investments, but which turned out to be risky, speculative private placements. Most of these investments subsequently failed, wiping out much and in some cases all of the plaintiffs’ retirement savings.
For further information see:http://www.pressdemocrat.com/home/3041365-181/judge-awards-368-million-to#page=0 http://www.marinij.com/marinnews/ci_26833643/marin-judge-awards-36-million-former-firemans-