Settlement Structure: Claims Made
Active: OpenCase 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:
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, 2021Proof 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).
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 millionClass Representative Proposed Incentive Fee:
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
Heffler Claims Group
Tredinnick v. Jackson National Life Insurance Company
c/o Claims Administrator
PO Box 8526
Philadelphia, PA 19101-8526