WV Investment Management Board and WV Consolidated Public Retirement Board v. The Variable Annuity Life Insurance Company,

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Petitioners, the West Virginia Investment Management Board and the West Virginia Consolidated Public Retirement Board filed breach of contract and damages claims against respondent below, The Variable Annuity Life Insurance Company(“VALIC”). Petitioners argued VALIC should have paid out $248,345,458 from a 2008 annuity contract in a single lump sum, rather than paying that amount in five equal installments from 2009 to 2013.