October 2, 2023

Bobbit Settlement Administrator Valic Lawsuit 2023: Is It a Scam? Read through to find out.

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 vVariable 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

13 thoughts on “Bobbit Settlement Administrator Valic Lawsuit 2023: Is It a Scam? Read through to find out.

  1. [email protected]
    Please email me any information regarding Valic Settlement issues that I was a member. My contact number is 904-802-1041.
    A letter WAS SENT to my address at 4116 Leonard Circle East that I HAVE MISPLACED.

  2. Please email me with information regarding this. I misplaced my letter I received. My address is 5050 Lane 17.7 Drive Escanaba 906-786-7351

  3. Please forward the information on the law suit to me and who i need to contact. Veronica A. Stroman Gibson my letter has been misplaced my address is 6319 Glenlea Circle Fayetteville N.C. 28314 or email [email protected]

  4. I just got my letter today. I worked for the Jacksonville Port Authority during that time and had invested with Valic. When I cashed in my savings I had a terrible time fo r3 years arguing wiht IRS about the tax status of that account.

  5. Please email me a copy of the claim form , the original form has been misplaced.
    thank you ,

  6. I also received a letter which I have misplaced. Please send me another one to Margaret McDaniel at
    755 Oak Ridge Road Buchanan, Virginia 24066.

  7. Both me and my late-husband, Raymond I. Gibson, had separate Valic account through our employment (both working at the same place — State of Oregon, Oregon Institute of Technology). My husband passed away on November 24, 2010 and I was his sole beneficiary–as he would have been if I had passed before him. I received a letter but not one for him? How do I file a claim for his account too? It may have gotten lost in mail as I have move 4 times since 2010. My address on your Claim form is correct

  8. Please email me the letter in regards to the Valic lawsuit and any forms that need to be submitted. My original letter was misplaced and I have had several former employees. Asking me about this letter s I use to handle the benefits for our employer and need to review the letter not only for myself but to help them as well. Please email it to [email protected] and mail hard copy to 3640 Hayes Tower Road, Gaylord, MI. 49735

  9. I have misplaced the letter I received.Is it possible to be a part of this lawsuit by email? baholifield19@ gmail.com

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