Conseco To Pay $3M To End Annuity Fraud Suit

Law360, New York (April 25, 2011, 5:16 PM EDT) -- A federal judge in California on Monday granted preliminary approval to a $3 million settlement in a class action accusing Conseco Insurance Co. of defrauding elderly clients by selling annuities that will mature after the clients are dead.

“The court has reviewed the agreement and determined the proposed settlement to be fair, reasonable, adequate and within the range of possible approval,” U.S. District Judge Ronald M. Whyte said Monday.

Conseco annuity purchaser Robert Hansen sued the insurer in November 2005, claiming that it sold him a...
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