Is Bobbitt Settlement Administrator Valic Class Action Lawsuit Scam?

In the realm of email notifications, you might have recently come across an intriguing message signed by the Bobbitt Settlement Administrator Valic Class Action. But what exactly is this all about, and is it legitimate? We’re here to dissect the details and offer insights into this class action settlement.

Bobbitt Settlement Administrator Valic Class Action – What’s The Story?

This class action revolves around a crucial matter where the defendants allegedly fell short in adequately representing the plaintiffs in a separate class-action lawsuit known as Drnek v. Variable Annuity Life Ins. No. CV-010242-TUC-WDB (D. Ariz.).

The defendants firmly deny these claims, asserting their innocence and refuting any harm inflicted upon the class members.

Eligibility Criteria – Are You Included?

To be part of this action, you must meet specific criteria:

1. Purchased an Individual Variable Deferred Annuity Contract with VALIC: If you’ve bought an individual variable deferred annuity contract with VALIC, you qualify.
2. Received a Certificate to a Group Variable Deferred Annuity Contract by VALIC: If you have a certificate for a group variable deferred annuity contract issued by VALIC, you’re eligible.
3. Made Additional Investments through Such a Contract: If you’ve added more investments through the mentioned contracts from April 27, 1998, to April 18, 2003, and these investments were utilized to support a contributory retirement plan or arrangement that qualified for tax benefits under sections 401, 403, 457, 408, or 408A of the Internal Revenue Code, you are eligible to participate.

How To Confirm Your Inclusion?

If you’re uncertain about whether you fall within the scope of this settlement, it’s advisable to carefully review the detailed Notice and the Stipulation of Class Action Settlement and Releases (the “Settlement Agreement”).

Potential Compensation – How Much Can You Receive?

Not every member of the class will receive compensation. The amount you might receive hinges on several factors, including whether you submit a Claim Form within the stipulated time frame and whether you meet the eligibility requirements outlined in the Settlement Agreement.

If you didn’t receive a Claim Form via mail, you can obtain one on the File A Claim page of the official settlement website and request to have it mailed to you. To ensure a timely submission, please read the instructions meticulously, complete the Claim Form, and mail it postmarked no later than October 5, 2023.

Opting Out – What If You Don’t Want To Participate?

If you choose not to participate in the settlement, you can opt-out by sending a letter stating your intention to exclude yourself from the settlement in the case of Philip Bobbitt and Lance Laber, Individually and on behalf of all others similarly situated v. Milberg, LLP, et al., No. CV-09-00629-TUC-RCC. Your request should contain:

• Your complete name, mailing address, and contact number.
• Details identifying your VALIC account(s) within the specified Class Period (April 27, 1998, to April 18, 2003).
• A clear statement indicating your desire to opt out of the Settlement.
• The case’s name and its associated case number.
• Your signature.

The exclusion request must be postmarked no later than June 12, 2023, and sent to Bobbitt Settlement Exclusions c/o Rust Consulting – 7714, P.O. Box 2416, Faribault, MN 55021-2378. Keep in mind that choosing to exclude yourself means you cannot file a similar lawsuit against the defendants in the future, nor can you benefit from this Settlement.

Seeking More Information

While this notice provides a summary of the proposed Settlement, the finer details can be found in the Settlement Agreement. To access a copy of the Settlement Agreement, visit the Documents page of the official settlement website. If you have further questions, feel free to reach out to Bobbitt Settlement Administrator, c/o Rust Consulting, Inc. – 7714, P.O. Box 2416, Faribault, MN 55021-2378.

Additionally, you can obtain a Claim Form on the File a Claim page of the official website or request one to be mailed to you by calling the toll-free number provided.

In Conclusion

The Bobbitt Settlement Administrator Valic lawsuit is far from being a scam. It is a legitimate settlement authorized by a Federal Court. This settlement applies to anyone who held a retirement account with Variable Annuity Life Insurance Company (VALIC) between April 27, 1998, and April 18, 2003. It presents an opportunity for eligible individuals to potentially receive compensation for their involvement in this class action. So, if you meet the criteria, it’s worth exploring further and considering your options.

Note: This article provides general information and does not constitute legal advice. If you believe you qualify for this settlement, consult with legal professionals or the settlement administrator for specific guidance on your situation.

FAQs

What is the Bobbitt Settlement Administrator Valic Class Action Lawsuit about?

This class action lawsuit revolves around allegations that the defendants failed to adequately represent the plaintiffs in a separate class-action lawsuit known as Drnek v. Variable Annuity Life Ins. The defendants deny these claims.

How can I confirm if I’m eligible for this settlement?

To determine your eligibility, you should review the detailed Notice and the Settlement Agreement provided. Eligibility is based on specific criteria related to your investment in VALIC annuity contracts between April 27, 1998, and April 18, 2003.

What if I don’t want to participate in the settlement?

If you choose not to participate, you can exclude yourself from the settlement by following the outlined process. This means you won’t be part of the settlement and won’t be able to file a similar lawsuit against the defendants in the future.