If you own or have owned a deferred annuity issued by American National Insurance Company, you may be entitled to benefits from a class action settlement.
A class action settlement has been reached in a class action lawsuit against American National Insurance Company (“American National Insurance” or “Defendant”) in the United States District Court for the Northern District of California (styled Daphne P. Rand v. American National Insurance Co., Civil Class Action Case No. CV 09-0639-SI) alleging, among other things, that American National implemented a deceptive scheme to systematically market and sell fixed and equity indexed deferred annuities, to senior citizens and others, by allegedly omitting or failing to disclose certain material facts and risks associated with such deferrred annuities, allegedly failed to adequately disclose the high surrender charges and other penalties for early withdrawal, low rates of return, interest enhancement or commission rate impacts and that the deferred annuities allegedly failed to comply with certain California statutes requiring American National to disclose the surrender period and all associated penalties, or the location of such information, on the cover page of the annuities, according to the American National Insurance deferred annuity class action lawsuit settlement notice.
The American National Insurance deferred annuity Class reportedly includes owners of a deferred annuity listed in the Class Notice that was purchased or issued by American National in the State of California during the time period between January 1, 2002 to and including December 31, 2010 if such Annuity was an Active Annuity or an Annuitized Annuity at any time on or after February 9, 2005.
The deferred annuities reportedly included in the American National Insurance deferred annuity settlement, include the following annuities:
- BenchMark5 Extra (A-PT0895-B05)
- BenchMark5 Extra 2 (A-PT0895-B05-2)
- BenchMark5 Extra 3(A-PT0895-B05-3)
- BenchMark5 Extra 4 (A-PT0895-B05-4)
- BenchMark10 Extra (APT0895-B10)
- BenchMark10 Extra 2 (APT0895-B10-2)
- BenchMark10 Extra 4 (APT0895-B10-4)
- BenchMark10 Extra 6 (APT0895-B10-6)
- BenchMark10 Extra 8 (APT0895-B10-8)
- BenchMark Reliance Extra (AN-PBE0603-10-0)
- BenchMark Reliance Extra 2 (AN-PBE0603-10-2)
- BenchMark Reliance Extra 4 (ANPBE0603-10-4)
- BenchMark Reliance Extra 6 (AN-PBE0603-10-6)
- BenchMark Reliance Extra 8 (ANPBE0603-10-8)
- BenchMark 500SM EIA Ten SE (AN-PEIA0306-10(CA))
- BenchMark 500SM EIA Ten SE 8 (AN-PEIA0306-10B(CA)
- BenchMark 500SM EIA Ten SE 5 (AN-PEIA0306-10B(CA))
- BenchMark 500SM EIA Ten (AN-PEIA0306-10(CA)
- BenchMark 500SM EIA Ten Plus (AN-PEIA0306-10B(CA))
- BenchMark 500SM EIA Six SE (AN-PEIA0306-6(CA))
- BenchMark 500SM EIA Six SE 3 (AN-PEIA0306-6B(CA))
- BenchMark 500SM EIA Six (AN-PEIA0306-6(CA))
- BenchMark 500SM EIA Six Plus (AN-PEIA0306-6B(CA)
- ANICO Strategy Indexed Annuity (ASIA7-NQ(04), ASIA7-PQ(04), ASIA10-NQ(04) or ASIA10-PQ(04))
- Palladium Century (FPDA04-NQ or FPDA04-PQ)
- Palladium Century I (SPDA04-NQ or SPDA04-PQ)
- Palladium Century III (SPDA04-NQ or SPDA04-PQ)
- Palladium Century V (SPDA04-NQ or SPDA04-PQ)
- Palladium CenturyVII (SPDA04-NQ or SPDA04-PQ)
- Conductor Multi-Year 3/6 Annuity (w/MVA)(MGA-NQ or MGA-PQ)
- Eagle Annuity (LEAN96-NQ or LEAN96-PQ)
- ANICO EIA (GREIA-NQ or GREIA-PQ)
- Home Service Flexible Premium Deferred Annuity (FPDA93-NQ, FPDA93-PQ, FPDA94-NQ or FPDA94-PQ)
- Palladium MYG 10 (GMYG-NQC or GMYG-PQC)
- Palladium MYG 3 (GMYG-NQC or GMYG-PQC)
- Palladium MYG 4 (GMYG-NQC or GMYG-PQC)
- Palladium MYG 5 (GMYG-NQC or GMYG-PQC)
- Palladium MYG 6 (GMYG-NQC or GMYG-PQC)
- Palladium MYG 7 (GMYG-NQC or GMYG-PQC)
- Palladium MYG 8 (GMYG-NQC or GMYG-PQC)
- Palladium MYG 9 (GMYG-NQC or GMYG-PQC)
- Palladium Advisor (LEAN04-NQ or LEAN04-PQ)
- Preferred Plus or Palladium Annuity (FPDA-NQ or FPDA-PQ)
- Preferred Plus 1 or Palladium Plus 1 Annuity (FPDA1-NQ or FPDA1-PQ)
- Preferred Plus 3 or Palladium Plus 3 Annuity (FPDA3-NQ or FPDA3-PQ)
- Preferred Plus 5 or Palladium Ultra 5 Annuity (FPDA5-NQ or FPDA5-PQ)
- Preferred Plus 7 or Palladium Ultra 7 Annuity (FPDA7-NQ or FPDA7-PQ)
- Transitions Estate Annuity (ARAP-C or ARAP)
- ANICO Value Lock EIA (PIA7C-NQ(04), PIA7C-PQ(04), PIA10A-NQ(04) or PIA10A-PQ(04))
- WealthQuest 5 (ANN94)
- WealthQuest 7 (FA96)
- WealthQuest Citadel 5 (ANN94)
- WealthQuest Citadel 7 (FA96)
- Wealth Quest Diamond 5 (GWQ503NQ-C or GWQ503PQ-C)
- Wealth Quest Diamond 7 (GWQ703NQ-C or GWQ703PQ-C)
- Wealth Quest Citadel Diamond 5 (GWQ503NQ-C or GWQ503PQ-C)
- Wealth Quest Citadel Diamond 7 ((GWQ703NQ-C or GWQ703PQ-C).
The American National Insurance deferred annuity class action settlement reportedly provides the following settlement benefits to class members who are not otherwise excluded from the settlement:
A. ACTIVE ANNUITIES
For each Active Annuity that is not a Multi-Year Guaranteed Annuity (“MYGA”) and that is owned by a Class Member who was 60 years old or older on the Issue Date, American National will reportedly make a single credit to the Annuity Value of the Annuity of an amount equal to the greater of: (1) approximately2 25% of: [a] the Surrender Charges which would otherwise apply if the Annuity were Surrendered on the Eligibility Date; plus [b] the Surrender Charge(s) paid on prior partial withdrawals; or (2) $200. American National will reportedly make a single credit of $200 to the Account Value for each Annuity owned by a Class Member: (1) who owns an Active Annuity and was younger than 60 years old on the Issue Date; or (2) who owns an Active Annuity that is a MYGA.
B. SURRENDERED ANNUITIES
For each Surrendered Annuity that was not a MYGA and is owned by a Class Member who was 60 years old or older on the Issue Date, American National will make a single cash payment to the Class Member in an amount equal to the greater of: (1) approximately1 25% of the Surrender Charge(s) paid or (2) $200. American National will make a single cash payment of $200 for each Annuity owned by a Class Member: (1) who owned that Surrendered Annuity and was younger than 60 years old on the Issue Date; or (2) who owned that Surrendered Annuity which was a MYGA.
C. DEATH BENEFITS
For each Annuity for which a Death Benefit was paid or is payable, American National will reportedly make a single cash payment of $200 to the applicable beneficiary.
D. ANNUITIZED ANNUITIES
For each Annuitized Annuity, American National will reportedly make a single cash payment to the Class Member in an amount equal to $200.
The Court will hold a Fairness Hearing at 9:00am on September 23, 2011 (or such continued dates or times as the Court may direct without further notice to the Class) in Courtroom X 450 Golden Gate Avenue, San Francisco, California 94102 to consider whether the American National Insurance deferred annuity Settlement is fair, reasonable, and adequate.
For more information on the American National Insurance deferred annuity class action lawsuit settlement, visit the Daphne P. Rand v. American National Insurance Company deferred annuity class action settlement website:
www.RandAnnuitySettlement.com
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