Lawsuit Alleges Equitable Violated Securities Law by Charging Investors Undisclosed Fees on EQUI-VEST Variable Annuities
NEW YORK, New York — June 3, 2025 — DiCello Levitt has been appointed Lead Counsel in the class action lawsuit, Devlin v. Equitable Financial Life Insurance Company.
This lawsuit alleges that Equitable, which has described itself as being “for nearly five decades… the leader of retirement plans for the K-12 educator market”, charged its investors significant undisclosed fees for its EQUI-VEST variable annuities—held within 403(b) and 457(b) retirement plans — in violation of federal securities law. Most of these investors are teachers or other employees of K-12 public school districts.
“We are honored by the opportunity to represent the hundreds of thousands of teachers and other investors who were misled by Equitable about the significant fees being charged on their annuities,” said Steve Jodlowski, partner at DiCello Levitt. The firm represents nationwide class of individuals invested in EQUI-VEST between July 15, 2019 and July 18, 2022 affected by this practice.
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