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Jackson National Variable Annuity Withdrawal Charges Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

Jackson National Life Insurance Company and Jackson National Life Insurance Company of New York are settling a class action for $8.75 million. The complaint claimed the companies required customers to pay an improper withdrawal or recapture charges if they made early withdrawals from their variable annuities. According to the plaintiffs, this was improper because they had to pay a charge on the charge, rather than simply a charge on the net withdrawal amount and breached the annuity contracts.

Docket Number:

4:16-cv-912

Company: Jackson National Life Insurance Company

Filing Deadline: May 17, 2021

Class Period: January 2, 2009 to January 31, 2021

Objection Deadline: April 29, 2021

Exclusion Deadline: May 6, 2021

Final Approval Hearing: May 27, 2021

Proof of Purchase:

If you have a current variable annuity with Jackson or Jackson New York, you do not need to provide proof or do anything else to receive a payment. If you do not currently have a variable annuity account with either company but did in the past, you must provide additional information. Please contact the Settlement Administrator.

Eligibility:

You may be eligible if

- You are or were a buyer of a Perspective Series, Elite Series, or Retirement Latitude variable annuity from Jackson National Life Insurance Company before March 12, 2018, and you were charged a withdrawal or recapture charge when you withdrew money from the annuity between January 2, 2009 and January 31, 2021.
- You are or were a buyer of a Perspective Series, Elite Series, or Retirement Latitude variable annuity from Jackson New York and you were charged a withdrawal or recapture charge when you withdrew money from the annuity between January 2, 2009 and January 31, 2021 (unless your contract number is VA670NY, VA710NY, VA720NY, VA775NY, VA785NY, or VA790NY).

Typical Settlement Amount:

Expected to be around 1% of the total amount of withdrawal and recapture charges you incurred in the class period. Final amounts will depend on the number of people participating in the settlement, among other things.

Total Settlement Amount: $8.75 million

Class Representative Proposed Incentive Fee:

$1,000

Law Firms:
Corley Law Firm
McKool Smith, PC

Case Name: David Cruson, et al., v. Jackson National Life Insurance Company

Settlement Website: Jackson National Variable Annuity Withdrawal Charges Settlement Website

Claims Administrator:
Heffler Claims Group

Claims Administrator Contact Information:

Tredinnick v. Jackson National Life Insurance Company
c/o Claims Administrator
PO Box 8526
Philadelphia, PA 19101-8526
1-833-644-1599

Tags: Additional charges in breach of contract, Charges in Excess of What Was Promised, Unfair Charges