Jackson National Insurance ERISA Class Action Website Established

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A website has been set up to let Class Members know about their rights under a Jackson National Insurance ERISA class action lawsuit.

While the website is live, it is not accepting claims yet. Top Class Actions will provide claim filing instructions as soon as they become available.

Meanwhile, viewers will receive an email notice when this article is updated with more information by using a free Top Class Actions account and clicking the “Follow Article” button at the top of the post.

On Dec. 10, 2018, the court entered a preliminary approval of a settlement that, if approved, would end claims that the insurance company profited illegally from selecting propriety funds to be used in its contribution plan for retirement.

The proposed settlement deal is a $4.5 million settlement, that would compensate people allegedly disadvantaged by Jackson National’s actions.

The Jackson National class action lawsuit website notes that the settlement hearing for the proposed settlement deal is scheduled for March 26, 2019.

The Jackson National class action lawsuit claims that Jackson National’s actions disadvantaged people who had a retirement plan through Jackson. Plan participants argue that the company violated the Employee Retirement Income Security Act, and accuses the company of violating duties of loyalty and prudence due to individuals under the Act.

Allegedly, the company violated the Employee Retirement Income Security Act (ERISA) by using high-cost proprietary funds in holders’ retirement plan that benefited the company’s profits but cost the plan participants.

The website notes that Class Members are people who participated in the Jackson National Life Insurance Company Defined Contribution Retirement Plan whose plan account included an investment in the Jackson National Funds at any time between March 29, 2011 and June 12, 2018.

Class Members also include any beneficiary of a deceased person who participated in the plan. People who served as a fiduciary for the plan during the Class period are not considered Class Members.

Though a proposed settlement deal has been filed to end the Jackson National class action lawsuit, the insurance company “denies all of the allegations in the lawsuit and contends that its conduct was entirely proper,” according to the Jackson National Insurance class action lawsuit website.

The Class Members agreed to the settlement deal, saying that continuing to litigate the issue could be expensive and risky.

Under the proposed settlement deal, around 5,000 policyholders could benefit, and the company would cover a portion of attorneys’ fees and costs, as well as $5,000 for the named plaintiff.

The company has agreed to hire an independent fiduciary to review the company’s actions in an attempt to authorize the settlement.

Responding to the ERISA violation claims, Jackson National has said that changes to the company have already been implemented, including eliminating the fee structures and investment options that were criticized in the Jackson National retirement class action lawsuit.

Jackson National said that because these changes have already been made, no additional changes will need to be made to the retirement investment plan.

Class Members asked an expert to review the possible benefits that would be gained by the proposed settlement, and the expert reportedly determined that the benefits from the proposed settlement benefits would cover a little more than 50 percent of damages allegedly suffered by Class Members because of Jackson National’s actions.

The settlement administrator can be reached at 1-866-455-3511 or email info@JacksonNationalERISASettlement.com.

The proposed Class is represented by Todd Schneider, Garrett W. Wotkyns and John J. Nestico of Schneider Wallace Cottrell Konecky Wotkyns LLP.

The Jackson National ERISA Class Action Lawsuit is Matthews Pease v. Jackson National Life Insurance Co., Case No. 1:17-cv-00284, in the U.S. District Court for the Western District of Michigan.