AXA Reaches $2.5M Settlement With Retired Employees

Law360, New York (June 8, 2011, 4:21 PM EDT) -- AXA Equitable Life Insurance Co. on Monday settled a $2.5 million California contract and employment lawsuit brought by a class of almost 11,000 ex-workers who claim the insurer violated employment law when it cut off certain retiree health care benefits.

U.S. District Judge Dale S. Fischer gave his final approval to the deal, which will compensate some 10,625 former AXA workers whose health care became more expensive after AXA capped benefits. Class members who paid more for health care will get higher settlements.

"The court finds that the settlement is fair, reasonable and adequate as to each member of the class,"...

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