Apollo global life insurance is facing a lawsuit where it is accused of obtaining illegal life insurance policies on their senior clients which saw them benefit from the deaths of their seniors. In the Apollo global life insurance lawsuit, Apollo global is accused of unethical insurance practices which only frontend their own selfish interests which were realized in the deaths of the seniors. The allegations in this case bear some similarities to other recent consumer product controversies, such as the Poppi Prebiotic Soda Lawsuit which also involved claims of misleading marketing practices.
The Apollo Global Life Insurance Lawsuit Accusations
The Apollo Global Life Insurance was filed in April 2024 by Martha Barotz estate. In the lawsuit the plaintiff alleges that Apollo obtained life insurance policies illegally on some of their seniors which resulted in the insurer benefiting from the deaths of these seniors.
The lawsuit claims that Apollo relied on a secretive affiliate which was finance credit limited. Apollo global used this affiliate to acquire $20 billion life insurance portfolio from strangers. Apollo global life insurance is alleged to have set up shell trusts which they used to hide their involvement in the transactions making them appear legitimate.
According to the Apollo global life insurance lawsuit, the plaintiff argues that the Apollo global life insurance policies were illegal as acquiring life insurance policies on strangers goes against the Delaware constitution public policy. Due to this, the plaintiff is demanding compensation from the company for what they term as a breach of constitutional policies which resulted in wrongly acquired monetary gains.
Apollo Global Life Insurance Response to the Lawsuit against Them
Apollo global life insurance is aware of the Apollo global life insurance lawsuit and its contents. The company regrets the allegations levelled against it and refutes them all denying any wrong doing in the accusations levelled against it by the plaintiff on this matter. In a detailed response and as an attempt to distance itself from the allegations against it, Apollo global claims that it never originated the said life insurance policies but rather acquired them as part of a securities pool before exiting the market in 2019.
Apollo global life insurance further argues that the lawsuit filed against them is a downright misrepresentation of their business activities during the period in question. It has vowed to defend its position of innocence in the court when the right time comes. Apollo has also offered to provide further details about their activities on the alleged issues in an attempt to prove that they are indeed innocent.
The Apollo Global Life Insurance Lawsuit Status
The Apollo global life insurance lawsuit is still ongoing in the Delaware chancery court. So far, no decision has been made on the matter nor has there been any official communication from the court. As it stands now, this lawsuit could go in any direction meaning the plaintiff could have its way or the defendant might succeed in defending its name.
Viewed from a point of speculation, it is looks like the defendant might be found culpable of some of the allegations levelled against it. If at the end of the Apollo global life insurance lawsuit Apollo global life insurance is found guilty of the charges levelled against them then that might have far reaching consequences on their business models and the way they trade going forward.
