Learn to claim for Vaccarino V. Midland National Settlement for Annuity Fraud on VaccarinoSettlement.com and know eligibility dates and claim form.
Midland National Life Insurance Company has agreed to settle the three years long class action lawsuit over annuity fraud allegations. If you purchased certain deferred Annuities issued by Midland in California, then you will get monetary payments or benefits from the Midland national annuity fraud class action settlement. To get payment, Class Members don’t have to do any thing, they will get the benefits after final hearing of the case.
Plaintiffs sued the Midland on June 17, 2011 alleging it made misrepresentations about the Annuities’ bonus and growth but failed to disclose that it shifted the cost of the bonus and high sales commissions back to annuity buyers through lower interest or index credits over time. They further claimed that the company failed to comply with surrender charge disclosures requirements for a subclass of purchasers ages 60-64. Thus, it violated California’s Unfair Competition Law. Midland refuses all these claims but agreed to settle the lawsuit.
The Annuities included in the Midland national annuity fraud class action settlement are Bonus 5, Bonus 10, Bonus 11, Legacy Bonus 11, Legacy Select and Veridian Plus. The current or most recent owner of these annuity products by Midland are the class members of the Midland annuity fraud settlement. Class members must be under age 65 when they purchased the annuity.
If the Midland class action settlement is approved by the Court, Class Members may get receive one of the following benefits:
1. If the Annuity was issued to a buyer aged between 60 and 64 years and there have been Surrender Charges incurred upon a partial or full surrender of the Annuity, then the buyer will get surrender charge reduction payments. Midland has agreed to provide $3.5 million in surrender charge reduction payments. It is expected that the payments will amount to about 78 cents for each dollar of net surrender charges.
2. If the Annuity was issued to a buyer aged between 0 and 59 and the Annuity has been fully surrendered, then the buyer will get an enhanced surrender payment. Midland has agreed to provide $2 million in enhanced surrender payments. It is expected that payments will be around 2.3 cents for each dollar of difference between accumulation values and surrender charges on which the enhanced surrender payments are based.
3. If your Annuity is active (not Annuitized or surrendered), you may get the Annuitization Bonus.
4. Class Members who have annuitized their Annuity will get 1% enhancement to each Annuity Payment made after the Benefit Determination Date.
Class Members don’t have to submit any claim form as they will automatically get payments for which they are entitled. The final hearing of the case is on September 22, 2014.
Final Hearing: September 22, 2014
Claims Administrator
Vaccarino v. Midland National Life Ins. Co.
Settlement Administrator
P.O. Box 43271
Providence, RI 02940-3271
1-866-247-8456
Class Counsel
GIANELLI & MORRIS
THE LAW OFFICES OF RONALD A. MARRON
Defense Counsel
REED SMITH LLP
Midland National Life Insurance Company has agreed to settle the three years long class action lawsuit over annuity fraud allegations. If you purchased certain deferred Annuities issued by Midland in California, then you will get monetary payments or benefits from the Midland national annuity fraud class action settlement. To get payment, Class Members don’t have to do any thing, they will get the benefits after final hearing of the case.
Plaintiffs sued the Midland on June 17, 2011 alleging it made misrepresentations about the Annuities’ bonus and growth but failed to disclose that it shifted the cost of the bonus and high sales commissions back to annuity buyers through lower interest or index credits over time. They further claimed that the company failed to comply with surrender charge disclosures requirements for a subclass of purchasers ages 60-64. Thus, it violated California’s Unfair Competition Law. Midland refuses all these claims but agreed to settle the lawsuit.
The Annuities included in the Midland national annuity fraud class action settlement are Bonus 5, Bonus 10, Bonus 11, Legacy Bonus 11, Legacy Select and Veridian Plus. The current or most recent owner of these annuity products by Midland are the class members of the Midland annuity fraud settlement. Class members must be under age 65 when they purchased the annuity.
If the Midland class action settlement is approved by the Court, Class Members may get receive one of the following benefits:
1. If the Annuity was issued to a buyer aged between 60 and 64 years and there have been Surrender Charges incurred upon a partial or full surrender of the Annuity, then the buyer will get surrender charge reduction payments. Midland has agreed to provide $3.5 million in surrender charge reduction payments. It is expected that the payments will amount to about 78 cents for each dollar of net surrender charges.
2. If the Annuity was issued to a buyer aged between 0 and 59 and the Annuity has been fully surrendered, then the buyer will get an enhanced surrender payment. Midland has agreed to provide $2 million in enhanced surrender payments. It is expected that payments will be around 2.3 cents for each dollar of difference between accumulation values and surrender charges on which the enhanced surrender payments are based.
3. If your Annuity is active (not Annuitized or surrendered), you may get the Annuitization Bonus.
4. Class Members who have annuitized their Annuity will get 1% enhancement to each Annuity Payment made after the Benefit Determination Date.
Class Members don’t have to submit any claim form as they will automatically get payments for which they are entitled. The final hearing of the case is on September 22, 2014.
Highlights of Midland National Annuity Fraud Class Action Settlement
Official Website:vaccarinosettlement.comFinal Hearing: September 22, 2014
Claims Administrator
Vaccarino v. Midland National Life Ins. Co.
Settlement Administrator
P.O. Box 43271
Providence, RI 02940-3271
1-866-247-8456
Class Counsel
GIANELLI & MORRIS
THE LAW OFFICES OF RONALD A. MARRON
Defense Counsel
REED SMITH LLP
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