Is Bobbitt Settlement Administrator Valic Lawsuit a Scam?
Have you received an email on behalf of Bobbitt Settlement Administrator Valic Class Action Lawsuit? Do you want to find out if the email of this class action settlement is legit? Keep reading for more details.
Bobbitt Settlement Administrator Valic Class Action-What Is It All About?
It is a class action about defendants that failed to adequately represent Plaintiffs in a different class-action lawsuit, Drnek v. Variable Annuity Life Ins. No. CV-010242-TUC-WDB (D. Ariz.).
The Defendants deny these claims and maintain they have done nothing wrong and did not cause any harm to the Class.
For You To Be Eligible For This Action, You Must Have-
- Purchased an individual variable deferred annuity contract with VALIC, or
- Received a certificate to a group variable deferred annuity contract issued by VALIC, or
- Made an additional investment through such a contract; that was on or after April 27, 1998, to April 18, 2003; and
- was used to fund a contributory retirement plan or arrangement qualified for favorable tax treatment pursuant to sections 401, 403, 408, 408A, or 457 of the Internal Revenue Code.
How To Know If You Are Included In The Settlement?
If you are not sure whether you are included in the Settlement, you should read the detailed Notice and the Stipulation of Class Action Settlement and Releases (“Settlement Agreement”).
How Much Can I Get From The Settlement?
Not every Class Member will receive a payment. The amount of your payment will depend on whether you timely submit a Claim Form and are eligible to receive a payment under the terms of the Settlement Agreement.
If you did not receive a Claim Form in the mail, you can print one here, or go to the File A Claim page of this website and request to have one mailed to you. Please read the instructions carefully, fill out the Claim Form, and mail it postmarked no later than October 5, 2023, to
What To Do If You Don’t Want The Settlement
To exclude yourself from the Settlement, you must mail a letter that says you want to be excluded from the Settlement in 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 must include:
- Your full name, address, and telephone number;
- Identification information for your account(s) with VALIC during the Class Period (April 27, 1998, to April 18, 2003);
- A statement that you wish to be excluded from the Settlement;
- The case name and case number; and
- Your signature.
You must mail your exclusion request, postmarked no later than June 12, 2023, to:
Bobbitt Settlement Exclusions
c/o Rust Consulting – 7714
P.O. Box 2416
Faribault, MN 55021-2378
Notably, you cannot sue the Defendants for the same thing later and you cannot benefits from this Settlement anymore.
How To Get More Information About This Settlement
The notice summarizes the proposed Settlement. More details are in the Settlement Agreement. You can get a copy of the Settlement Agreement on the Documents page of this website. You also may write with questions to Bobbitt Settlement Administrator, c/o Rust Consulting, Inc. – 7714, P.O. Box 2416, Faribault, MN 55021-2378.
You can also get a Claim Form on the File a Claim page of this website, or request to have one mailed to you by calling the toll-free number.
Conclusion
Bobbitt Settlement Administrator Valic lawsuit is not a scam. It’s a legit settlement that has been authorized by a Federal Court and applies to anyone who had a retirement account with Variable Annuity Life Insurance Company (VALIC) between April 27, 1998 and April 18, 2003.
