ERISA Class Sues Mutual Of Omaha Over Death Benefits

Law360, New York (November 18, 2010, 5:46 PM EST) -- Mutual of Omaha Insurance Co. is facing a putative class action from beneficiaries of life insurance policies who say the company derived unjust profit by secretly investing their death benefits, a breach of fiduciary duty under the Employee Retirement Income Security Act.

Mutual of Omaha, United of Omaha Life Insurance Co. and other unnamed affiliates should be ordered to turn over investment profits to more than 10,000 would-be class members, according to a complaint lodged Wednesday in the U.S. District Court for the District of Rhode...
To view the full article, register now.