11/21/2023
Financial Education is imperative. We been trying to tell yall -
According to Prewitt, Ge**er knowingly misrepresents the plans. She says that the marketing material around the plans leads consumers into incorrect understandings of the products and actively misrepresents the function of the products. Allegedly, Ge**er effectively tricks many family members into putting savings in at-risk plans.
Prewitt argues that Ge**er preys upon parents and grandparents who are well-meaning but not well-versed in finance, especially those who may not have much money.
According to the Ge**er class action, Ge**er falsely represents the plans as savings plans, when they are really life insurance policies. Despite advertisements that these plans offer a way to create a nest egg for a child, they allegedly only offer meager payouts with the rest of the money paid into premiums.
https://www.classaction.org/blog/gerber-life-grow-up-plan-college-plan-provide-no-meaningful-savings-class-action-claims
