CNN talk show host Larry King filed a lawsuit in the U.S. District Court for the Central District of California against insurance broker Alan Meltzer of the Meltzer Group.  In his complaint, King alleges that Meltzer and his brokerage company breached their fiduciary duty when they advised him to sell $15 million worth of life insurance policies.

Apparently, King says that he was instructed to buy a $10 million life insurance policy with a trust designated as the owner.  King was named as the initial beneficiary of the trust; however, he claims that his interest was sold for $550,000 a few weeks after the issuance of the policy.

Also, the television newsman states that the insurance broker advised him to buy a $5 million life insurance policy and that he was encouraged to sell a pre-existing $5 million policy to Coventry First for $850,000.  The lawsuit mentions Coventry as "a company of questionable repute with a history of making secret payments and kickbacks to insurance agents and brokers who steer business to it."

King alleges that Meltzer convinced him to participate in a series of "highly complex life insurance transactions" that were driven by the broker's "greed and avarice."  The deals were beneficial to Meltzer through large commissions, bonuses and override payments, the complaint states.