Top Class Actions  |  April 16, 2021

Category: Closed Class Actions

Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.

This settlement is closed!

Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!

A man's finger points at a magnifying glass icon on a large search bar that reads "annuity" - jackson national life insurance

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

FORMER OWNERS: CLICK HERE TO MAKE A PAYMENT SELECTION »

No claim form is required, and no action is needed from current owners.

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

We tell you about cash you can claim EVERY WEEK! Sign up for our free newsletter.

8 thoughts onJackson National Life Insurance $8.75M Annuity Withdrawal Charges Class Action Settlement

  1. Jason scott minor says:

    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

  2. LISA HAWKINS says:

    Please add me

  3. Guyanne glidewell says:

    Please send me a check
    Guyanne glidewell

  4. Phyllis GALLEGOS says:

    I have since moved on to another Financial Advisory Agency

    I may have been in the group during these dates

  5. XIOMARA MENDOZA says:

    Add me

  6. James H Klemp says:

    Please send me a check for amount I’m entitled to!

    James H Klemp

  7. Barbara Kester says:

    Add me

  8. louise talley says:

    maybe under the name Louise v. Johnson

Leave a Reply

Your email address will not be published. By submitting your comment and contact information, you agree to receive marketing emails from Top Class Actions regarding this and/or similar lawsuits or settlements, and/or to be contacted by an attorney or law firm to discuss the details of your potential case at no charge to you if you qualify. Required fields are marked *

Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.