Hagens Berman Sobol Shapiro LLP Announces Class-Action Against the Variable Annuity Life Insurance Company by EON

VIEWS: 95 PAGES: 2

Hagens Berman announced that a class-action lawsuit has been commenced on behalf of purchasers of deferred annuity contracts from The Variable Annuity Life Insurance Company.






a style=

More Info
									Hagens Berman Sobol Shapiro LLP Announces Class-Act
Against the Variable Annuity Life Insurance Company
January 08, 2010 06:43 PM Eastern Time  

PHOENIX--(EON: Enhanced Online News)--Hagens Berman announced that a class-action has been commenced in the United S
Court for the District of Arizona on behalf of purchasers of deferred annuity contracts from The Variable Annuity Life Insurance Co
(“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
the Class, if you so choose. Inorder to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to disc
have any questions concerning this notice or your rights or interests, please call 1-800-492-2232 or contact attorney Leonard Arag
leoanrd@hbsslaw.com.

The complaint charges VALIC, its successors and subsidiaries, as well as certain of its officers and directors with violations of the S
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
Class members. The complaint also claims these materially false and misleading statements and omissions fraudulently induced purch
deferred annuities because they give the impression that the product provides the key tax deferral benefit sought by investors, when,
deferral is not a reason for qualified plan investors to purchase the product because any investment funding a qualified plain is alread
According to the complaint, class members were harmed by entering into expensive annuity contracts that were redundant and unne

The plaintiffs are represented by Hagens Berman Sobol Shapiro LLP, who has expertise in prosecuting investor class actions and e
experience in actions involving financial fraud. The firm has offices in San Francisco, Los Angeles, Seattle, Phoenix, Chicago, and B
active in major litigation pending in federal and state courts throughout the United States. The firm’s reputation for excellence has be
repeated occasions by courts which have appointed the firm to major positions in complex multi-district or consolidated litigations.

If you have any questions concerning this action or would like to join the class, please contact us.

CONTACT: Hagens Berman Sobol Shapiro, LLP, Leonard Aragon at 1-800-492-2232 or Leonard@hbsslaw.com.

About Hagens Berman Sobol Shapiro

Hagens Berman Sobol Shapiro (HBSS) is a law firm with offices in Seattle, Chicago, Cambridge, Los Angeles, Phoenix and
Named to the 2006 and 2009 Plaintiffs’ Hot List by National Law Journal, HBSS has developed a nationally recognized pr
action litigation. The firm has co-lead counsel in litigation to recover losses from Enron employees' retirement funds and re
Washington and 12 other states in lawsuits against the tobacco industry that resulted in the largest settlement in the histor
The firm also served as counsel in several other high-profile cases including the Washington Public Power Supply litigation
in settlements of nearly $1 billion. The firm also served as co-lead counsel in a VISA/Mastercard litigation which resulted i
billion settlement.

Contacts
Firmani & Associates
Mark Firmani, 206-443-9357
mark@firmani.com

Permalink: http://eon.businesswire.com/news/eon/20100108006078/en/%22Variable-Annuity-Life-Insurance%22

								
To top