John Hancock Signs $91M Deal To End Life Insurance Row

Law360 (July 20, 2018, 10:23 PM EDT) -- John Hancock Life Insurance Co. agreed to pay more than $91 million to end a proposed class action alleging the company was jacking up life insurance policy rates by using the wrong mortality rate calculations, according to filings Friday in New York federal court.

The insurance company agreed to end the two-and-a-half year suit by shelling out a cash payment that will be distributed to the plaintiffs without anyone having to make a claim, an element that the policyholders said would benefit the older customers that make up the proposed class.

In their motion for preliminary approval, the policyholders noted that...

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