Firm Agrees To Pay $45M To Settle Class Action

Law360, New York (November 5, 2007, 12:00 AM EST) -- JMIC Life Insurance Co. will pay $45 million to settle a class action lawsuit alleging it did not refund customers their unearned insurance premiums.

Judge Doug Pullen of the Superior Court of Muscogee County in Georgia gave preliminary approval to the settlement on Oct. 31, according to the plaintiffs firm, Butler Wooten & Fryhofer LLP. The settlement will be placed into an interest-bearing trust fund to be used to pay refunds, the costs of administration and attorneys' fees.

“This was difficult, protracted, and unnecessarily heated litigation,”...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.