John Hancock Settles Claims Over Unpaid Benefits

Law360, New York (April 22, 2011, 5:23 PM EDT) -- John Hancock Life Insurance Co. inked a settlement with at least 23 states to resolve allegations it failed to pay millions of dollars to beneficiaries after policyholders passed away, the California state controller said Friday.

John Hancock agreed to help reunite more than $20 million in death benefits and matured annuities with their rightful owners, and pay California a 3 percent interest on the value of certain accounts since 1995, the controller's office said. The insurer also agreed to make a better effort to identify deceased...
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