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Northwestern Mutual Faces Interest Rate Class Action

Law360 (November 30, 2010, 4:31 PM EST) -- Northwestern Mutual Life Insurance Co. has been hit with a proposed class action accusing the insurer of failing to reduce interest rates on loans that were adjusted upward during the poor economic climate of the 1970s.

Policyholders Gad and Jean Smith accused Northwestern of breach of fiduciary duty and breach of contract in a proposed class action filed Nov. 24 in Milwaukee County Circuit Court in Wisconsin.

The suit seeks to represent a class of “at least several thousand” current and prior owners of whole life...
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