Conseco Shells Out $43M To Settle Insurance Rate Hike Suit

Law360, New York (June 7, 2012, 6:51 PM EDT) -- A putative class of Conseco Life Insurance Co. policyholders asked a California federal judge Wednesday to approve a settlement worth $43 million to $45 million resolving their claims that the insurer breached a contract by changing its rates.

The group, led by lead plaintiff Daniel B. Nicholas, asked U.S. District Judge John A. Kronstadt to certify a nationwide class for settlement purposes only and to approve the preliminary settlement the parties reached together with the help of a mediator. They also asked the judge to issue...
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