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This settlement is closed!
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Jackson National Life Insurance Co. has agreed to a $8.75 million settlement benefiting consumers who purchased certain variable annuities and faced certain charges when making a withdrawal.
The Class includes two groups of consumers:
- Those who are or were the purchaser of a Perspective Series, Elite Series, or Retirement Latitude variable annuity from Jackson National Life Insurance Co. before March 12, 2018, and were charged a withdrawal and/or recapture charge when they withdrew funds from the annuity between Jan. 2, 2009, and Jan. 31, 2021.
- Those who are or were the purchaser of a Perspective Series, Elite Series, or Retirement Latitude variable annuity from Jackson New York and were charged a withdrawal and/or recapture charge when they withdrew funds from the annuity between Jan. 2, 2009 and Jan. 31, 2021 (unless their contract number is VA670NY, VA710NY, VA720NY, VA775NY, VA785NY, or VA790NY).
A class action lawsuit had alleged Jackson National Life Insurance Co. breached its contracts with the Class Members by incorrectly calculating withdrawal and recapture charges when withdrawals were made.
Jackson National Life Insurance denies all allegations of wrongdoing.
The amount Class Members will receive from the fund will depend on the number of people who are former Jackson National Life Insurance or Jackson New York customers who respond with contact and payment option information, as well as on how much the Class Member paid in withdrawal or recapture charges.
Payments are expected to be about 1 percent of the total amount of withdrawal and recapture charges the Class Member incurred during the Class Period.
The exact amount of payments cannot yet be determined, but the minimum payment to be sent to Class Members will be $2, even if their distribution would otherwise be less.
Former annuity owners must submit additional contact information and choose a payment method in order to receive a payment.
Current annuity owners will receive their settlement payment as an automatic credit on their account. No action is required on the part of the Class Member in order to receive this payment.
Those who believe they have been misclassified as either a former or current owner should contact the claims administrator.
A final approval hearing in the Jackson National Life Insurance settlement will take place May 27, 2021.
The deadline to object to the settlement is April 29, 2021.
Those wishing to exclude themselves from the settlement have their request postmarked by May 6, 2021.
The payment selection deadline is May 17, 2021.
Who’s Eligible
The Class includes two groups of consumers:
- Those who are or were the purchaser of a Perspective Series, Elite Series, or Retirement Latitude variable annuity from Jackson National Life Insurance Co. before March 12, 2018, and were charged a withdrawal and/or recapture charge when they withdrew funds from the annuity between Jan. 2, 2009, and Jan. 31, 2021.
- Those who are or were the purchaser of a Perspective Series, Elite Series, or Retirement Latitude variable annuity from Jackson New York and were charged a withdrawal and/or recapture charge when they withdrew funds from the annuity between Jan. 2, 2009 and Jan. 31, 2021 (unless their contract number is VA670NY, VA710NY, VA720NY, VA775NY, VA785NY, or VA790NY).
Potential Award
Varies.
- The amount Class Members will receive from the fund will depend on the number of people who are former Jackson National Life Insurance or Jackson New York customers who respond with contact and payment option information, as well as on how much the Class Member paid in withdrawal or recapture charges.
- Payments are expected to be about 1 percent of the total amount of withdrawal and recapture charges the Class Member incurred during the Class Period. The exact amount of payments cannot yet be determined, but the minimum payment to be sent to Class Members will be $2, even if their distribution would otherwise be less.
Proof of Purchase
No proof of purchase is required.
Claim Form
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Payment Selection Deadline
05/17/2021
Case Name
Tredinnick, et al. v. Jackson National Life Insurance Co., Case No. 16-CV-00912 in the United States District Court for the Eastern District of Texas
Final Hearing
05/27/2021
Settlement Website
Claims Administrator
Tredinnick v. Jackson National Life Insurance Company
c/o Claims Administrator
PO Box 8526
Philadelphia, PA 19101-8526
1-833-644-1599
Class Counsel
MCKOOL SMITH PC
CORLEY LAW FIRM
Defense Counsel
MORGAN, LEWIS & BOCKIUS LLP
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8 thoughts onJackson National Life Insurance $8.75M Annuity Withdrawal Charges Class Action Settlement
Iv had my 250k ins well got in 2008 an I’m the owner an going through a hard time as well as divorce an just found a letter said face value is 171k please contact me asap
Please add me
Please send me a check
Guyanne glidewell
I have since moved on to another Financial Advisory Agency
I may have been in the group during these dates
Add me
Please send me a check for amount I’m entitled to!
James H Klemp
Add me
maybe under the name Louise v. Johnson