According to the complaint, Plaintiffs bring this action as a class action under the Securities Act of 1933 (the "Securities Act"), and the Securities Exchange Act of 1934 (the "Exchange Act"), on behalf of themselves and a class (the "Class") consisting of: All persons who purchased an individual deferred annuity contract or who received a certificate to a group deferred annuity contract, issued by VALIC, on or after January 1, 1974, to the present (the "Class Period"), that was used to fund a contributory (not defined benefit) retirement plan or arrangement qualified for favorable income tax treatment pursuant to Internal Revenue Code sections 401, 403, 408, 408A, or 457. The covered retirement plans include IRAs, 401(k) plans, 403(b) plans for teacher, hospital, and non-profit organization employees, state government employee plans, and others.
Defendants' plan, scheme and common course of conduct was designed to and did induce customers to purchase deferred annuity contracts from Defendants. In fact, Plaintiffs and the members of the Class have lost hundreds of millions of dollars due to Defendants' deceptive and abusive practices.
On March 2, 2010, the defendant company filed a motion to change the court venue, which was granted on October 4, 2011. According to the Order, the Clerk of Court shall transfer this action, including all pending motions, to the United States District Court for the Southern District of Texas, Houston Division.
On November 30, 2011, the defendants filed a Motion to Dismiss The Class Action Complaint on Statutes of Limitations and Repose.
On May 31, 2012, the Court issued the order granting the defendants' Motion to Dismiss. This action is dismissed.
On September 10, 2013, the United States Court of Appeals for the Fifth Circuit issued a Judgment affirming the decision of the district court.