Beware of Bobbitt Settlement Administrator Valic Class Action Lawsuit Scam
Beware of Bobbitt Settlement Administrator Valic Class Action Lawsuit Scam: Have recently received a message or email inviting you to join a settlement for the Valic Class Action Lawsuit? If you have, beware because scammers might be targeting unsuspecting individuals like you. One such scam comes in the form of the Bobbitt Settlement Administrator, which preys on the victims of the Valic Class Action Lawsuit. In this blog post, we’ll dissect this scheme and help you understand how to avoid falling victim to it. So, keep reading!
Bobbitt Settlement Administrator VALIC Class Action Lawsuit Overview
Bobbitt Settlement Administrator VALIC Class Action Lawsuit is a settlement that has been authorized by a Federal Court and applies to anyone who had a retirement account with Variable Annuity Life Insurance Company (VALIC) between April 27, 1998 and April 18, 2003. The Settlement Fund is $32.15 million, with up to $1 million for the cost of class notice, and will be distributed in accordance with a plan of distribution to be approved by the Court. However, there have been reports of phishing scams related to this settlement. Some people have received phone calls or letters asking for personal information, including social security numbers, which is not expected in a legitimate settlement. Rust Consulting, the firm in question, has a history of promising settlements and not following through with payments. It is recommended to contact VALIC directly if unsure about the legitimacy of any related correspondence.
Background of the Lawsuit
The Bobbitt Settlement Administrator Valic Class Action Lawsuit is a case where individuals who had retirement accounts with Variable Annuity Life Insurance Company (VALIC) between April 27 1998 and April 18 2003 are entitled to a settlement fund of $32.15 million. The settlement was authorized by a Federal Court and is designed to provide compensation for eligible class members whose claims are included in the Class Action Settlement. However, there are reports of phishing scams associated with the Bobbitt Settlement Administrator where individuals receive claim forms requesting their social security numbers. These forms are often accompanied by letters that do not have return addresses or envelopes. Some have also reported unresponsive customer service lines and a lack of follow-up by the firm. Those who received the letter and are unsure about the legitimacy of the claim recommended contacting their agent or VALIC representative before providing any personal information.
Eligibility for Compensation
To be eligible for compensation in the Valic Class Action Lawsuit, individuals must have held a variable annuity policy with Valic between April 2009 and December 2018 and suffered financial losses due to Valic’s alleged fraudulent practices. The settlement provides compensation to those who had their policy values reduced by certain fees and charges or who suffered a lapse or surrender charges on their policies. It is important to note that if an individual filed a claim in the original lawsuit, they do not need to file an additional claim for compensation. However, those who did not file a claim in the original lawsuit must file a claim by the deadline in order to be eligible for compensation. The settlement administrator will determine the amount of compensation based on individual policy values, fees charged, and other factors.
Verification of the Claims Process
When dealing with class action lawsuits, it is crucial to verify the legitimacy of the claims process to avoid falling prey to scammers. One can verify the authenticity by conducting thorough internet searches, checking for official announcements or press releases, and visiting the law firm’s website for detailed information and instructions on filing claims. Comparing the information provided on the claims website to the law firm’s website can also help validate its consistency. Additionally, one can check for official documentation such as court-approved settlement agreements or notices explaining the claims process. It is important to be cautious of unusual requests, poor website design, unsecured websites, and missing contact information. By taking these precautions, one can ensure the legitimacy of the claims process and avoid being scammed.