Nancy Meadows, as Trustee of the Estate of Maxine Derry, and Russel Heman, individually and on behalf of themselves and all others similarly situated v. Jackson National Life Insurance Company, a Michigan corporation
Published: Feb. 15, 2014 | Result Date: Nov. 19, 2013 | Filing Date: Jan. 1, 1900 |Case number: 4:12-cv-01380-CW Settlement – up to $3,080,000
Court
USDC Northern
Attorneys
Plaintiff
Patricia N. Syverson
(Bonnett, Fairbourn, Friedman & Balint PC)
Stephen R. Basser
(Barrack, Rodos & Bacine)
Ingrid M. Evans
(Evans Law Firm Inc.)
Andrew S. Friedman
(Bonnett, Fairbourn, Friedman & Balint PC)
Jeffrey R. Krinsk
(Finkelstein & Krinsk LLP)
Theodore J. Pintar
(Robbins, Geller, Rudman & Dowd LLP)
Defendant
Sean A. Commons
(Sidley Austin LLP)
Facts
Nancy Meadows filed a class action against Jackson National Life Insurance Co., on behalf of all California purchasers of fixed and fixed index annuities that Jackson National distributed to people over the age of 60.
Contentions
PLAINTIFF'S CONTENTIONS:
Plaintiffs asserted that the cover pages of Jackson's fixed and fixed index annuities did not disclose required information regarding "surrender charges" to its class members.
DEFENDANT'S CONTENTIONS:
Jackson National argued that its cover pages contained the required information.
Result
The court granted plaintiff's motion for preliminary approval of settlement. Under the proposed settlement, Jackson National agreed to make one-time payments to class members of 22 percent of the surrender charges they had incurred. Jackson National also agreed to reduce future surrender charges by 22 percent. Jackson National also agreed to pay up to $3,080,000 for plaintiffs' attorney fees.
Other Information
A final approval hearing will be heard in April.
For reprint rights or to order a copy of your photo:
Email
jeremy@reprintpros.com
for prices.
Direct dial: 949-702-5390