Fidelity and Guaranty Life Insurance Company v. Rebecca Pina, Francisca Morales and Rosa G. Cortez

CourtCourt of Appeals of Texas
DecidedApril 28, 2005
Docket13-04-00008-CV
StatusPublished

This text of Fidelity and Guaranty Life Insurance Company v. Rebecca Pina, Francisca Morales and Rosa G. Cortez (Fidelity and Guaranty Life Insurance Company v. Rebecca Pina, Francisca Morales and Rosa G. Cortez) is published on Counsel Stack Legal Research, covering Court of Appeals of Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Fidelity and Guaranty Life Insurance Company v. Rebecca Pina, Francisca Morales and Rosa G. Cortez, (Tex. Ct. App. 2005).

Opinion

NUMBER 13-04-008-CV

COURT OF APPEALS

THIRTEENTH DISTRICT OF TEXAS

CORPUS CHRISTI – EDINBURG


FIDELITY AND GUARANTY LIFE

INSURANCE COMPANY,                                                             Appellant,

v.


REBECCA PINA, FRANCISCA MORALES

AND ROSA G. CORTEZ,                                                             Appellees.



On appeal from the 139th District Court

of Hidalgo County, Texas.


O P I N I O N

     Before Chief Justice Valdez and Justices Castillo and Garza

                             Opinion by Chief Justice Valdez 

         Appellant, Fidelity and Guaranty Life Insurance Company (“F&G”), brings this interlocutory appeal from an order of the trial court certifying a class action in a consumer fraud case. Because appellees, Rebecca Pina, Francisca Morales, and Rosa G. Cortez, have failed to provide evidence of class-wide reliance on F&G’s misrepresentation regarding the characteristics of its annuities, we reverse and remand.

The Maximus Annuities

          Appellees are teachers at the Edcouch-Elsa Independent School District in Texas. They each individually purchased 403(b) fixed annuities known as “Maximus” annuities which were sold by F&G as retirement investments. The Maximus annuities were fixed deferred annuities with an accumulation phase and a payout phase. During the accumulation phase, a policyholder would contribute money either through a lump sum or periodic deposits. During the payout or “annuitization” phase, the policyholder begins to draw payments from the annuity. The Maximus annuities were specifically intended as a retirement supplement for employees of public schools; the teachers would typically pay regular amounts from their paychecks into the annuity over a period of many years. This would generate interest and grow into a more significant amount which could be drawn from upon the teachers’ retirement.

          F&G, an insurance company, entered the 403(b) market in the early 1990s, establishing an exclusive “Agency and Distribution Agreement” with R. W. Durham & Company. In exchange for supplying customers for its annuities, F&G would pay Durham various amounts according to a schedule of commissions. The commissions paid to Durham for its services were allegedly on the “high end” of industry practice, and F&G was consequently required to design an annuity product with a high profit margin.

          F&G ultimately designed the Maximus annuities with a high front-loaded interest rate. All money deposited into the Maximus account would be assigned the “current money interest rate” for the first year it was held in the account. This rate was to be higher than the industry standard and therefore attract a large amount of customers, and was sometimes referred to as the “teaser” rate. After the first year, however, all deposits would be considered “old money” and assigned a different, much lower rate of interest. Statements sent by F&G to customers did not disclose the exact old money interest rate, but included the following statement: “THE CURRENT INTEREST RATE ON NEW MONEY IS: 7.25% [example]. Current interest rates declared for new premiums include some bonus interest during the first twelve months. A different rate may be credited after the first twelve months.” The interest rate on new money for the named plaintiffs averaged around 7.25%; the old money rates were typically between 3.5 and 4%. The Maximus annuities also had substantial long-term surrender penalties, in order to retain customers once deposits began.

          The Maximus annuities were sold to teachers in Texas, California, Connecticut, New Jersey and Oklahoma for several years. In 1998, however, Durham signed a new distribution agreement with another company, and F&G terminated its arrangement with Durham and withdrew from the 403(b) market in December of 1999.

The Class Certification Hearing

          The named plaintiffs all purchased their annuities through Durham agents. It was allegedly not disclosed to them at any point that the high introductory interest rates paid on their money would decline after the first year. Upon discovering the new money/old money-design of their annuity, they filed suit against F&G under various provisions of the Deceptive Trade Practices Act, Texas Insurance Code, and common law claims of fraud and misrepresentation. They also requested class certification of all purchasers of the Maximus annuities pursuant to Texas Rule of Civil Procedure 42(a) and (b)(3). See Tex. R. Civ. P. 42. The named plaintiffs alleged that they should be permitted to sue on behalf of all Maximus purchasers because (1) the class was so numerous that joinder of all members in an individualized basis was impracticable, (2) there were questions of law or fact common to the class, (3) the claims of the representative policyholder parties were typical of the claims of the class, and (4) the representative parties would fairly and adequately protect the interests of the class.

          Judge Leticia Hinojosa of the 139th District Court conducted a two-day hearing on the class certification issue. On December 19, 2003, Judge Hinojosa entered an order certifying the class, defining the class as “All fixed annuities sold by F&G through [Durham] under the trade names Maximus I, Maximus II, Maximus X, Maximus XV, and Maximus SP.” The class was certified with respect to the claims arising under the consumer protection statutes and insurance codes of Texas, California, Connecticut, New Jersey and Oklahoma. The request to certify the fraud and negligent misrepresentation claims were denied.

          Judge Hinojosa’s order of certification did not include legal or factual findings, nor did it include a trial plan. On January 8, 2004, Judge Hinojosa resigned from the bench without entering any further orders. The case was then transferred by the local administrative judge to Judge Noe Gonzalez of the 370th District Court. Judge Gonzalez indicated that he would review the paper record from the hearing.

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Fidelity and Guaranty Life Insurance Company v. Rebecca Pina, Francisca Morales and Rosa G. Cortez, Counsel Stack Legal Research, https://law.counselstack.com/opinion/fidelity-and-guaranty-life-insurance-company-v-reb-texapp-2005.