S&P: American Equity Investment unchanged

Standard & Poor's said its ratings on American Equity Investment Life Insurance Co. (BBB+/stable/BB+) are not affected by the lawsuit filed against it by the Minnesota Attorney General.

The lawsuit alleges the unsuitable sales of deferred annuities to seniors over the age of 70 and follows a similar lawsuit against Allianz Life Insurance Co. of North America earlier this year, according to S&P.

As in that instance, the agency said that the potential consequences from the lawsuits against these firms remain very undefined, both in terms of timing and scope.

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