John Hancock Insureds Get $123M Deal In Overcharging Suit

By Bonnie Eslinger (January 11, 2022, 2:06 AM GMT) -- A New York federal judge on Monday preliminarily approved a $123 million class action settlement for about 1,300 policyholders that will end litigation accusing John Hancock of overcharging for life insurance.

U.S. District Judge Alvin K. Hellerstein signed off on an order giving an initial okay to the deal as being "fair, reasonable and adequate," subject to the right of any class member to challenge the agreement and show cause, if any exists, why a final judgment dismissing the action shouldn't be entered after the notice period.

The judge said the settlement with John Hancock Life Insurance Co. of New York...

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