Request Legal Help Now - Free


Jackson National Life Insurance Settles Class Action for $22 Million

This is a settlement for the Bad Faith Insurance lawsuit.

A class action suit against Jackson National Life has reached a settlement of $22 million.

The suit was filed by George Farmer in 2002, over the company's fixed annuity policies and the methods it used to set interest rates for new premiums and for premiums previously paid to fixed annuities.

Specifically, the suit alleged that the company failed to notify fixed-annuity policy holders that it would be "crediting higher interest rates to new premiums than it did to previously paid premiums."

The class consists of all Illinois policyholders between July 1, 1989 and Oct. 31, 2008. Class members have 30 days from May 6 to make a claim; the amount recovered will be based on the interest the class member received as owner of the fixed annuity.

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in our form.
Published on May-15-09


Posted by

I have a universal life policy that was in force for more than 20 years. Jackson National canceled in, then reinstated in, then cancelled it again. Now they want a new medical form. They are canceling policies of older policy holders


Please read our comment guidelines before posting.

Note: Your name will be published with your comment.

Your email will only be used if a response is needed.

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.

Request Legal Help Now! - Free