A lawsuit was filed in the United States District Court for the Western District of Michigan against Jackson National Life Insurance (“JNL”). The lawsuit alleges that JNL violated the Employee Retirement Income Security Act ("ERISA") with respect to the Plans. The individual who is pursuing the lawsuit (“Plaintiff”) on behalf of the Plan and its participants claims that JNL should not have selected and maintained the large number of JNL-affiliated funds as investment options in the Plans, and that the Plans paid higher fees with respect to those investments than were reasonable.
JNL denies the allegations in the lawsuit and contends that its conduct was entirely proper. JNL has asserted, and would assert should the litigation continue, a number of defenses to Plaintiff’s claims.Top
The parties have agreed to the Settlement after extensive negotiations. By agreeing to the Settlement, the parties avoid the costs and risks of further litigation, and Plaintiff and the other members of the settlement class will receive compensation and other benefits. Class Counsel have conducted a review of the evidence in the case and the potential risks and benefits of continued litigation and believe that the Settlement is in the best interest of the class.
The Court has not made any finding that JNL has done anything wrong or violated any law or regulation.Top
The notice is only a summary of the lawsuit and the proposed Settlement. It is not a complete description of the lawsuit or the proposed Settlement. You may inspect the pleadings and other papers (including the Settlement Agreement) that have been filed in this lawsuit at the office of the Clerk of the United States District Court for the Western District of Michigan, which is located at 399 Federal Bldg., 110 Michigan St. NW, Grand Rapids, MI 49503. You may also review documents by visiting the Court Documents page on this website.
If you have questions about the notice or the proposed Settlement, you may contact Class Counsel or email the Settlement Administrator at info@JacksonNationalERISASettlement.com.
Do not contact the Court or the Defendant for information about the Settlement. The Settlement Administrator or Class Counsel can answer any questions you may have about the proposed Settlement.Top
Plaintiff and JNL have agreed to a settlement that involves monetary payments to participants. This and other terms of the Settlement are set forth in the Class Action Settlement Agreement dated October 31, 2018 and can be found on the Courts Documents page on this website.
As part of the Settlement, JNL has agreed to make a one-time payment of $4.5 million. After deduction for any amounts that the Court approves for settlement-related expenses (including a Case Contribution Award to Plaintiff, Attorneys’ Fees and Expenses to Class Counsel, Administration Costs, and Taxes and Tax-Related Costs), the remaining amount will be distributed to Class Members. However, to avoid disproportionate expenses in particular cases, the parties have agreed that no distribution will be made to any Class Member who (1) is no longer a participant in the Plan and (2) would otherwise be entitled to an amount of less than $25 from the Net Settlement Amount. Class Members who remain participants of the Plan are not subject to this restriction.Top
The class is defined as: all persons who participated in the Jackson National Life Insurance Company Defined Contribution Retirement Plan whose Plan account included an investment in the Jackson National Funds (as defined in the Settlement Agreement) at any time during the Class Period (March 29, 2011 through June 12, 2018), including any Beneficiary of a deceased person who participated in the Plan at any time during the Class Period, and/or, Alternate Payees, in the case of a person subject to a Qualified Domestic Relations Order (QDRO) who participated in the Plan at any time during the Class Period. Excluded from this Class are all current and/or former employees of Defendant who served as a fiduciary for the Plan during the Class Period.Top
All Class Members eligible to receive a payment from the Settlement will receive any proceeds through a deposit into their Plan account. For those Class Members who have previously received a total distribution of the Plan account (“Former Participants”), their Plan account will be re-established by Fidelity in order to receive their allocation of the Net Settlement Amount. To the extent feasible and ascertainable, those settlement proceeds will be invested in accordance with each Class Member’s instructions for investment of new contributions at the time the distribution is made, or, if no such instructions are in effect, to the applicable qualified default investment option. Former Participants should contact the Settlement Administrator at 1-866-455-3511 or email us at info@JacksonNationalERISASettlement.com to ensure the accuracy of their current mailing address.Top
In exchange for JNL’s payment of the Settlement Amount, all Class Members will release any claims they have related to the lawsuit and be prohibited from bringing or pursuing any other lawsuits or other actions based on such claims.
The Release is set forth in full in the Settlement Agreement, which can be viewed online at www.JacksonNationalERISASettlement.com, or requested from Class Counsel.Top
To object, you must send your objection to the Court at U.S. District Court, Western District of Michigan, 399 Federal Bldg., 110 Michigan St. NW, Grand Rapids, MI 49503, and to the Parties at the following addresses:
To Class Counsel:
John J. Nestico
SCHNEIDER WALLACE COTTRELL KONECKY WOTKYNS, LLP
8501 N. Scottsdale Rd., Suite 270
Scottsdale, AZ 85253
To Defendant’s Counsel:
Joseph J. Costello
MORGAN, LEWIS & BOCKIUS LLP
1701 Market Street
Philadelphia, PA 19103
Objections must include: (1) the case name and number; (2) your full name, current address, telephone number and signature; (3) a statement that you are a Class Member and an explanation of the basis upon which you claim to be a Class Member; (4) all grounds for the objection, accompanied by any legal support known to you or your counsel; (5) a statement as to whether you or your counsel intends to personally appear and/or testify at the Fairness Hearing; and (6) a list of any persons you or your counsel may call to testify at the Fairness Hearing in support of your objection.
Objections must be filed with the Court Clerk on or before February 24, 2019. Objections filed after that date will not be considered. Any Class Member who fails to submit a timely objection will be deemed to have waived any objection they might have, and any untimely objection will be barred absent an order from the Court.Top
The Settlement does not allow any Class Members to exclude themselves from the Settlement or decide not to be a part of the Settlement. While some class action settlements allow Class Members to “opt out” of the settlement if they want, because of the nature of the claims Plaintiff has asserted in this lawsuit, Class Members do not have any right to opt out. Thus, if you dislike some portion of the Settlement, your only recourse is to object to the Settlement.Top
The Court will hold a Fairness Hearing on March 26, 2019 to consider any objections. The Fairness Hearing will take place at 1:30 p.m. at the U.S. District Court, Western District of Michigan, located at 399 Federal Bldg., 110 Michigan St. NW, Grand Rapids, MI 49503. The date and location of the Fairness Hearing is subject to change by Order of the Court, which will appear on the Court’s docket for this case.Top
If you cannot find the information you need on this website, you may also contact the Settlement Administrator for more information by calling 1-866-455-3511 or email us at info@JacksonNationalERISASettlement.com.
Do not contact the Court to get additional information.Top