The Bobbitt v. Milberg, LLP, et al. class action lawsuit, resolved in December 2023, focused on claims that VALIC misrepresented and concealed information about variable annuity contracts sold between 1998 and 2003. Plaintiffs alleged VALIC:
- Misrepresented fees: Failed to disclose the full extent of fees associated with the contracts, potentially leading to higher-than-expected costs for investors.
- Concealed risks: Downplayed or omitted information about potential downsides of the investments, particularly regarding market volatility and potential losses.
While the lawsuit itself is concluded, a claims process to seek compensation for those financially impacted by VALIC’s alleged actions is currently underway.
| Complete Date | Case | Citation | Court | Short Summary |
|---|---|---|---|---|
| December 2023 | Bobbitt v. Milberg, LLP, et al. | Case No. CV-09-00629-TUC-RCC | U.S. District Court for the District of Arizona | Settled lawsuit alleging VALIC misled investors about fees and risks associated with variable annuity contracts sold between 1998 and 2003. Compensation available to eligible class members. |
Additional Notes:
- This information only covers class-action lawsuits filed in 2023. Other legal actions against VALIC may exist.
- Consulting with a legal professional is recommended for personalized guidance regarding specific claims or participation in the existing case.
Multiple Lawsuits:
Currently, only the aforementioned Bobbitt v. Milberg, LLP, et al. lawsuit remains the sole class-action lawsuit against VALIC filed in the United States in 2023. Therefore, there are no additional lawsuits with the same name or requiring separate descriptions.
