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Variable Annuity Life Insurance Company (VALIC) Faces Class Action

A class-action lawsuit has been commenced in the United States District Court for the District of Arizona on behalf of purchasers of deferred annuity contracts from The Variable Annuity Life Insurance Company ("VALIC") during the period between January 1, 1974 to the present (the "Class Period").

If you are a member of the Class described above, you may, no later than 60 days from January 8, 2010, move the Court to serve as lead plaintiff of the Class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.

The complaint charges VALIC, its successors and subsidiaries, as well as certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period defendants marketed and sold annuity contracts by making material misrepresentations and failing to disclose material facts to Plaintiffs and Class members.

According to the complaint, VALIC agents failed to disclose that the tax deferral feature of the deferred annuity was redundant and unnecessary for Class members. The complaint also claims these materially false and misleading statements and omissions fraudulently induced purchases of the deferred annuities because they give the impression that the product provides the key tax deferral benefit sought by investors, when, in fact, tax deferral is not a reason for qualified plan investors to purchase the product because any investment funding a qualified plain is already tax deferred. According to the complaint, class members were harmed by entering into expensive annuity contracts that were redundant and unnecessary.

Variable Annuity Life Insurance Company Class Action Legal Help

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Last updated on Jan-21-10