Lincoln Financial Group patent is maintained by the Jury

 

Wednesday, Mar 25,2009, 12:00:30 PM   Click:

Lincoln Financial Group announced that on February 13, 2009, a jury returned a verdict in a patent for the benefit of The Lincoln National Life Insurance Company and Aegon USA against three companies: Transamerica Life Insurance Co., Transamerica Financial Life Insurance Co., and Western Reserve Life Assurance Co. of Ohio. The jury Lincoln's'201 a valid patent and determined that a reasonable royalty for Transamerica's offense was $ 13.1 million.

Patent claims at issue in Transamerica case relates to a method of computing the administration of variable annuity products that combine the guaranteed minimum payment features with systematic withdrawal programs. The patent also includes data processing methods used to administer in the variable annuity payment phase and withdrawals of mutual funds, including the withdrawal of funds.

"We are pleased that the jury found in favor of Lincoln Financial, confirming the validity of our brevet'201," said Dennis Schoff, General Counsel, Lincoln Financial Group. "We believe in our unique product solutions, our patented method of administration of these solutions and to protect our intellectual property."

Lincoln filed his first patent for income guarantees in 1998. Guarantees are backed by claims the ability of the issuing company.

Variable annuities are long-term retirement planning vehicles that can offer tax deferral, a lifetime income and death benefits to help meet the financial needs and objectives. Tax deferral allows any investment gains to grow without taxes owed prior to withdrawal. The values vary depending on the performance of investments and when withdrawn, may be worth more or less than their original cost. Withdrawals May be subject to redemption and the tax on ordinary income, with withdrawals before age 59 1 / 2, 10% IRS penalty in May also apply.

An investor should carefully consider the investment objectives, risks, charges and expenses of variable annuity and its investment options before investing. The product prospectus and prospectuses for the underlying fund and contain other important information and should be read carefully. Investors should request a prospectus from their representative.

The variable annuity contracts are issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, distributed by Lincoln Financial Distributors, Inc., and offered by broker dealers who have sales agreements. The Lincoln National Life Insurance Company is not permitted, and does not solicit business in New York.

For residents of New York, the variable annuity contracts are issued by Lincoln Life & Annuity Company of New York, Syracuse, NY, distributed by Lincoln Financial Distributors, Inc., and are offered by brokers who have sales agreements. The Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York are independently responsible for their own financial and contractual obligations. Products and features are subject to status.

Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. With headquarters in the Philadelphia area, the companies of Lincoln Financial Group had assets under management of $ 178 billion at December 31, 2008. Through its affiliated companies, Lincoln Financial Group offers: annuities of life, group life and disability insurance, 401 (k) and 403 (b) savings plans, mutual funds, the managed accounts, institutional investment and financial planning and advisory services. Affiliates also: Delaware Investments, the marketing management in the name of Delaware Holdings, Inc. and its subsidiaries, and Lincoln UK.