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An ad in todays Star-Ledger reports that Avelino & Associates, a law firm in NY and Summit, NJ is seeking conservative investors over 40, who were sold variable annuities in their IRA or 401K for a possible lawsuit.

Their phone number is not allowed by Foolish rules, but they have a website--

I know that several years ago Attorneys General in several eastern states came down on the insurance industry for their excessive promotion of variable annuities to the elderly, for whom variable annuities were considered an inappropriate investment. As I recall several large insurance companies entered into cease and desist orders.

I have no idea if Avelino & Associates is a legitimate firm. FYI. Caveat emptor.
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