Posted on 06/18/2010 2:48:53 PM PDT by stan_sipple
A pair of Nebraska investors has filed a class-action lawsuit against LPL Financial, saying that one of the company's brokers misled them about the costs and benefits of annuities.
J.L. Spray, one of the investors' attorneys, said in court documents that broker Bob Bennie of Lincoln made multiple misrepresentations about the $366,500 in annuities he sold to Richard and Carol Ripley.
Bennie, who used to lead the Lancaster County Republican Party, has helped organize tea party events in the state this year.
Michael Rhodes, with the law firm defending LPL, which is based in Boston, says the company believes the lawsuit has no merit and plans to vigorously defend itself.
LPL officials declined to discuss details.
mark
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.