There are two active class action lawsuits against VALIC in 2023:
- D.L. Markham, DDS v. The Variable Annuity Life Insurance Company (VALIC). This lawsuit was filed in the Southern District of Texas on February 14, 2022. The plaintiffs are a small dental practice and its retirement plan, who allege that VALIC charged excessive surrender charges on their 401(k) plan. The plaintiffs claim that these charges violated their fiduciary duties under the Employee Retirement Income Security Act (ERISA).
- Bobbitt v. Milberg LLP. This lawsuit was filed in the United States District Court for the Southern District of New York on February 16, 2023. The plaintiffs are a group of investors who allege that VALIC and its financial advisors made false and misleading statements about the performance of VALIC variable annuities. The plaintiffs claim that these statements caused them to purchase VALIC variable annuities that they would not have otherwise purchased.
The Bobbitt lawsuit is still pending, and no trial date has been set. The D.L. Markham lawsuit is currently in the discovery phase, and a trial date is expected to be set in the next few months.
If you are a participant in a VALIC 401(k) plan or if you purchased a VALIC variable annuity, you may be eligible to participate in one of these class action lawsuits. You can find more information about the lawsuits on the following websites:
- D.L. Markham, DDS v. The Variable Annuity Life Insurance Company (VALIC): https://www.bakerlp.com/valic-surrender-charge-litigation
- Bobbitt v. Milberg LLP: https://www.bobbittsettlement.com/
It is important to note that I am not a lawyer and this is not legal advice. If you have any questions about these lawsuits, you should consult with an attorney.
