Conseco Floats $73M Settlement In Rate-Hike Fights

Law360, San Diego (January 22, 2013, 7:14 PM ET) -- Conseco Life Insurance Co. on Friday asked a California federal court to sign off on a proposed $73 million nationwide class settlement that would resolve two policyholder disputes and vacate a judgment that the company’s rate hikes for life insurance policies were unlawful.

After nearly five years of litigation in two separate cases, Conseco filed papers seeking the court to give preliminary approval to the deal it reached Dec. 21 with policyholder class representatives Celedonia Yue and Maxwell Litt.

The deal would provide an immediate 48.5...
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