Real Housewives of Orange County star Vicki Gunvalson has responded to a lawsuit accusing her of committing financial elder abuse.
Vicki and her Coto Life Insurance were sued by a woman named Diane Field, 72, who claims she met the reality star in 2019 and that Vicki and her partner Ali allegedly convinced her to move her money out of stocks and into annuities.
“[Vicki] kept reassuring her how safe this Allianz 222 Annuity was and also kept mentioning that her income taxes would go down if she invested in this annuity and that her kids would be well-suited after she passed away. [Vicki] was very convincing, and Diane felt that she could trust her,” Diane wrote in her lawsuit.
Diane says she was encouraged to transfer money into the Allianz account and take out a life insurance policy to cover her $6 million net worth. Diane says that she was told she had to make a one-time premium payment of $300,000 but that she has Vicki and her partner are trying to charge her $300,000 every year.
She claims Vicki and her company misrepresented the policy and have cost her money.
“Victoria Gunvalson is a well-respected insurance broker with more than 34 years of experience. She has helped more than 7000 clients. She vehemently denies each and every allegation set forth against her by Diane Field in this lawsuit,” Vicki’s attorneys said in a statement via In Touch.
The statement continued, “Ms. Gunvalson followed the direction of her client, Diane Field, in placing the insurance products Ms. Field requested regarding the annuities and the life insurance policy. Ms. Gunvalson did not engage in any conduct that could be considered financial elder abuse, breach of fiduciary duty, or fraud.”
“Victoria Gunvalson remains committed to the highest standards of integrity and transparency,” they added. “Needless to say, we are outraged by the false allegations being made against her. We will vigorously defend her good name and reputation in this lawsuit.”