Tredinnick et al v. Jackson National Life Insurance Company
Civ. Action No. 4:16-cv-912
If You Purchased a Perspective Series, Elite Access Series or a Retirement Latitude Series of Variable Annuity from Jackson National Life Insurance Company and were Assessed a Withdrawal or Recapture Charge on Withdrawal of Variable Annuity funds, You Could Get A Payment From A Class Action Settlement.
• A settlement fund will pay certain amounts to Jackson National Life Insurance customers who paid withdrawal or recapture charges assessed by Jackson on the withdrawal of funds from variable annuities (“the Class”). The total amount of the settlement fund is $8.75 million, less certain fees and expenses that the Court may order.
• The settlement resolves a certified class action lawsuit, pending in the United States District Court for the Eastern District of Texas (“the Court”), against Jackson National Life Insurance Company (“Jackson” or the “Defendant”). The lawsuit alleges that Defendants breached the contracts with the Class by incorrectly calculating withdrawal and recapture charges when funds were withdrawn. Defendants deny any wrongdoing. The two sides also disagree on how much money, if any, the Class could have won if the case had gone to trial.
• The settlement establishes the settlement fund to pay money to class members, provides that Defendants will provide additional notice to members of the Class who continue to hold variable annuities sponsored by Jackson, avoids the costs and risks from continuing the lawsuit, and releases Jackson from liability.
• Court-appointed lawyers for the Class will ask the Court for an award of expenses and fees as compensation for investigating the facts, litigating the case, and negotiating the settlement.
• Former Owners Must: Submit additional contact information and select a payment method: This is the only way to get a payment.
• Former Owners - Right to Object And, If You Choose To, Go To A Hearing: Write to the Court about why you don’t like the settlement. You do not have to attend the final settlement hearing, but you may do so. You must still submit the additional information in order to get a payment. To Object to the settlement, you must submit your objection by April 29, 2021.
• Former Owners- Do Nothing: Unless you currently have a variable annuity account with Jackson or Jackson New York, you will be a part of the settlement agreement, release all claims against Jackson and Jackson New York, but get no payment.
• Former Owners - Opt-out of the Settlement: Get no payment. This is the only option that allows you to keep your right to sue Jackson for the claims asserted in the Action. To Opt-Out of the settlement, you must submit your notice of opt-out by May 6, 2021.
• Current Owners: As a current owner of a Jackson variable annuity, your settlement payment will automatically be credited to your account(s). No action is required to claim your payment. If you are not a current owner of a Jackson variable annuity but were in the past, please contact the Claims Administrator using the information provided below. Former account holders who incurred these charges must submit information to receive a payment.
• Current Owners - Right to Object And, If You Choose To, Go To A Hearing: Write a letter to the Court about why you do not like the settlement following the instructions in FAQ #20. You do not have to attend the final settlement hearing, but you may do so. To Object to the settlement, you must submit your objection by April 29, 2021.
• Current Owners - Opt-out of the Settlement: Get no payment. This is the only option that allows you to keep your right to sue Jackson for the claims asserted in the Action. To Opt-Out of the settlement, you must submit your notice of opt-out by May 6, 2021.
If you believe you have been misclassified as a current or former owner, please contact the Claims Administrator .
The Court in charge of this case still has to decide whether to approve the settlement. Payments will be made if the Court approves the settlement and after appeals, if any, are resolved. Please be patient.
This website is authorized by the Court, supervised by counsel and controlled by, the Settlement Administrator approved by the Court. This is the only authorized website for this case.