Firm Agrees To Pay $45M To Settle Class Action

Law360, New York (November 5, 2007, 12:00 AM EST) -- JMIC Life Insurance Co. will pay $45 million to settle a class action lawsuit alleging it did not refund customers their unearned insurance premiums.

Judge Doug Pullen of the Superior Court of Muscogee County in Georgia gave preliminary approval to the settlement on Oct. 31, according to the plaintiffs firm, Butler Wooten & Fryhofer LLP. The settlement will be placed into an interest-bearing trust fund to be used to pay refunds, the costs of administration and attorneys' fees.

“This was difficult, protracted, and unnecessarily heated litigation,”...
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