1 Shares

Who is a Class Member

Members of the Great American Life Annuity Fraud Class Action Settlement include the “current or most recent Owner (or joint Owners) of an Annuity product (identified below) that was issued in California by Great American to a person who was 60 years old or older .”

The Annuities covered by the Settlement are fixed deferred annuities marketed under the name Assurance Protect 6, Assurance Select 7, Safe Outlook, or Safe Return.

If you don’t qualify for this settlement, check out our database of other class action settlements you may be eligible for.


Estimated Award

  • Varies

Settlement Class members who submit a valid and timely claim form may receive either a Partial Surrender Charge Refund Payment or an Enhanced Withdrawal Benefit.

FAQ 11 on the Great American Life Annuity Fraud settlement website details these benefits as follows:

Partial Surrender Charge Refund Payments: “Any Class Member whose Annuity(s) has incurred a Surrender Charge on a partial or full surrender of the Annuity on or before September 1, 2017, can receive a Partial Surrender Charge Refund Payment. Class Members who have incurred Surrender Charges that exceed $5.00 will receive a Partial Surrender Charge Refund Payment in the amount of 35% of the total Surrender Charges incurred on each Annuity subject to this Settlement. Class Members who have incurred Surrender Charges that are $5.00 or less will receive a Partial Surrender Charge Refund Payment in the amount of $5.00.” No claim form is needed.

Enhanced Withdrawal Benefit: “Any Class Member whose Annuity has not been fully surrendered on or before September 1, 2017, and which has not incurred any Surrender Charges upon a partial surrender of that Annuity, will be eligible for an Enhanced Withdrawal Benefit. The Enhanced Withdrawal Benefit is the right to take a one-time withdrawal which will not be assessed a Surrender Charge. The withdrawal under the Enhanced Withdrawal Benefit includes the 10% Annual Withdrawal available under the terms of the Annuity. Class Members who submit valid claims for Enhanced Withdrawal Benefits will receive a 10% Annual Withdrawal as of the most recent Contract Anniversary (net of any prior withdrawals that year). The additional 10% (or prorated percentage) constitutes the relief offered by Enhanced Withdrawal Benefit and will be paid following the Effective Date of the Settlement Agreement.” You must submit a claim form on or before February 28, 2018.


Proof of Purchase

  • N/A

Enhanced Withdrawal Benefit Claim Form

  • class action lawsuits

Great American Life Annuity Fraud Settlement Notes

  • Goertzen v. Great American Life Insurance Company
  • Case No. 4:16-cv-00240-YGR
  • Pending in the U.S. District Court for the Northern District of California, Oakland Division

In December 2015, plaintiff Joyce Goertzen filed this annuity fraud class action lawsuit against Great American Life Insurance Company alleging violations of California’s Elder Abuse law. Specifically, the complaint alleges that Great American Life did not properly disclose the surrender charges on the face page of certain deferred Annuities issued in California to persons aged 60 or over.

Great American Life denies any wrongdoing or liability and contends that its Annuity products are lawful and included the proper disclosures but agreed to settle the case to avoid the risk and uncertainty of further litigation.

Complete details about the case and settlement are provided on the Great American Life Annuity Fraud Settlement website.

The deadline to object to or request exclusion from the Great American Life Annuity Fraud settlement has passed. Class members who wish to receive the Enhanced Withdrawal Benefit under the settlement, must submit their claim form on or before February 28, 2018. Class members who wish to claim a partial refund charge refund payment do not need to do anything.


Important Dates

  • 2/28/18: Enhanced Withdrawal Benefit Claim Form Deadline
  • 1/4/18: Exclusion or Objection Deadline (Passed)
  • 3/27/18: Final Hearing at 2:00 pm PT* (class members do not need to attend this hearing in order to receive a slice of the settlement pie).

*Settlement Class Members who wish to speak at the hearing should check www.GreatAmericanLifeSettlement.com to confirm that the date or time of the Hearing has not been changed.


Contact Information

  • Mail: Great American Life Settlement, c/o KCC Settlement Administrator, P.O. Box 404041, Louisville, KY 40233-4041
  • Phone: 1-866-645-6916
  • Email: info@GreatAmericanLifeSettlement.com

Class Counsel

 


Settlement Website

0
Comments

Leave a Reply

Your email address will not be published. Required fields are marked *