Judge OKs $2M Mutual Of Omaha Death Benefit Settlement

Law360, New York (March 14, 2012, 7:35 PM EDT) -- A Rhode Island federal judge on Wednesday approved a $1.9 million settlement that resolved a class of Mutual of Omaha Insurance Co. policy beneficiaries’ claims that the insurer secretly invested their death benefits, violating the Employee Retirement Income Security Act.

Although the class had argued that the alleged damages add up to $5 million, U.S. Chief District Judge Mary M. Lisi said the $1.9 million, slightly less than 40 percent of the alleged damages, was not an unusual settlement amount.

"The court concludes that this is...
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