Did you receive a mail about a class action on the settlement about Bobbit Settlement Administrator Valic Lawsuit? This review will help you partake in the class action settlement after confirming the legimatimacy of the mail?
What Is Bobbit Settlement Administrator Valic Lawsuit Class Action Settlement?
This class action is based on underlying litigation in Drnek v. Variable Annuity Life Ins., No. CV-010242-TUC-WDB (D. Ariz. May 25, 2001), wherein two investors sued the Variable Annuity Life Insurance Company (“VALIC”) on behalf of a class of similarly situated individuals, alleging that VALIC sold them tax sheltered annuities without warning them the investments were already in tax-sheltered accounts. These annuities made money for VALIC, but the investors paid more for the annuities and incurred unnecessary fees
What Is This Class Action All About?
In 2009, Plaintiffs Philip Bobbitt and John Sampson brought the instant class action suit for negligence and breach of fiduciary duty against the Drnek litigation attorneys: Milberg LLP, Melvyn Weiss, Michael Spencer, Janine Pollack, Lee Weiss, and Brian Kerr; Uitz & Associates and Ronald Uitz; the Lustigman Firm, Sheldon and Andrew Lustigman (collectively “Milberg” or “Defendants”).
Early in the litigation, Plaintiffs asked the district court to certify the same class of individuals that had previously been certified in the Drnek litigation. Applying the Restatement (Second) of Conflict of Laws, District Judge Frank R. Zapata found that class litigation would be unmanageable because the district court would need to apply the law of every state in which a putative plaintiff was domiciled.
Who Is Eligible?
The settlement class includes all persons who purchased an individual variable deferred annuity contract or who received a certificate to a group variable deferred annuity contract issued by VALIC, or who made an additional investment through such a contract, on or after April 27, 1998 to April 18, 2003 (Class Period) that was used to fund a contributory retirement plan or arrangement qualified for favorable tax treatment pursuant to sections 401, 403, 408.
How To Be Part of This Settlement
A typical claim need not be “substantially identical” to that of the putative class members, but the claim must be “reasonably coextensive. The test for typicality is whether other members have the same or similar injury, whether the action is based on conduct which is not unique to the named plaintiffs, and whether other class members have been injured by the same course of conduct
What Is The Pay For This Settlement?
The pay for this settlement varies and the proof of purchase is not necessary.
As an individual who received an email pertaining to this class action, you are advised to tread with caution as this is pending case. You can check out other class action like Connected Investors Robocalls class action settlement we have reviewed.
Last Updated on May 22, 2023 by Precious