Ingrid M. Evans and Andy Friedman - 2009 Consumer Attorney of the Year finalists

Beverly Buhs and her husband bought an annuity from a company later bought by AIG that was intended to provide for her after his death. Attorney Ingrid Evans showed AIG has experienced a significant windfall by selling such deferred annuities to older customers. Buhs didnt find out until after her husband died that the annuity was subject to a substantial death forfeiture surrender charge if cashed soon after purchase. That penalty left her with less money than she and her husband deposited in the annuity when they purchased it, when her husband was 75. Industry standards make clear that deferred annuities are inappropriate investments for people older than 65. Evans reviewed the annuity contract and found no sign of the forfeiture penalty, even though AIG claimed the penalty had been disclosed. A class of 750 elderly widows and widowers was formed, and after four years of litigation, the victims received a settlement that restored their money.

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