LPL hit with class action over broker's sale of annuities

A pair of Nebraska investors have filed a class-action lawsuit against LPL Financial, saying that one of the company's brokers misled them about the costs and benefits of annuities. J.L. Spray, one of the investors' attorneys, said in court documents that broker Bob Bennie made multiple misrepresentations about the $366,500 in annuities he sold to Richard and Carol Ripley. Bennie, who used to lead the Lancaster County Republican Party, has helped organize tea party events in the state this year. Michael Rhodes, with the law firm defending LPL, says LPL believes the lawsuit has no merit and plans to vigorously defend itself. LPL officials declined to discuss details. LPL is based in Boston.