Monday, May 19, 2008

Lawsuit Claims Fraud in Teacher Retirement Plan

Ouch, this one is going to really hurt VALIC. Of course, they changed their name to AIG Retirement......coincidence?

To be fair, I don't know all the facts in this case and won't pass judgement. But this is a good illustration of people using sales organization that are not held to a fiduciary duty to help with their finances......the organization is going to act in the organizations best interest.