"For years, insurers and some plan consultants have marketed general account fixed annuities as 'stable value' or 'capital preservation' investments. But the Phoenix collapse again demonstrates that policyholders are not simply investing in a conservative bond portfolio. They are becoming unsecured creditors of a leveraged insurance company whose liabilities can become frozen during periods of financial distress." [Nietz v. LPL Financial LLC, No. 26-3383 (S.D. Calif. complaint filed Jun. 3, 2026)]  MORE >>