Fishkin Lucks prevailed today in the Superior Court of New Jersey, Law Division (Ocean County). Following a hearing, the Court granted the Firm’s motion for summary judgment dismissing fraud, consumer fraud, contract and civil conspiracy claims against the Firm’s client, a national life insurance company. Plaintiffs alleged they were wrongfully induced to participate in a complex wealth accumulation and asset protection plan (“Plan”) allegedly marketed by our client as combining the benefits of qualified and non-qualified retirement plans, compounded and tax-deferred growth and a tax-free death benefit. The Court agreed the statements that allegedly induced plaintiffs to participate in the Plan were statements as to future events that cannot constitute misrepresentations upon which a fraud claim may be based and that New Jersey’s Consumer Fraud Act does not apply to complex financial products, like the Plan, sold exclusively to business owners.
