According to the Complaint, Equitable Financial Life Insurance Company's primary business is providing variable annuity, life insurance, and employee benefit products to both individuals and businesses. It is an insurance company that enters into variable annuity contracts with investors, issuing quarterly account statements to them. Prior to June 2020, Equitable was known as AXA Equitable Life Insurance Company.

Since at least 2016, more than 1,000,000 investors have purchased or added to its EQUI-VEST variable annuities within a 403(b) or 457(b) defined contribution retirement plan. Most of these investors are teachers or other employees of K-12 public school districts.

The Complaint alleges that Equitable charged investors significant undisclosed fees on their EQUI-VEST variable annuities, held within 403(b) or 457(b) supplemental retirement savings plans, in violation of §10(b) of the Securities Exchange Act of 1934.