4th Circ. Says Policyholder Can't Derail $40M Class Settlement

By Josh Liberatore (March 16, 2022, 3:51 PM EDT) -- The Fourth Circuit upheld a $40 million settlement in a class action alleging a scheme by two Legal & General America units to pad their cash balances by overcharging life insurance customers, finding that a lower court gave a fair shake to the lone objecting policyholder before approving the deal.

In a published opinion issued Tuesday, a three-judge appellate panel found that a Maryland court did not abuse its discretion in approving a settlement that the policyholders reached in 2019 with Banner Life Insurance Co. and William Penn Insurance Co. of New York.

One policyholder, the 1988 Trust for Allen Children,...

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