$73M Settlement for Conseco Insureds Gains Approval

Law360, Los Angeles (February 25, 2013, 4:32 PM EST) -- A California federal judge indicated Monday he would approve a proposed $73 million nationwide settlement of two class actions alleging Conseco Life Insurance Co. illegally hiked rates on the universal life policies of more than 45,000 policyholders, saying he found the deal to be reasonable.

The settlement, which followed nearly five years of litigation, would provide benefits to holders of Valulife and Valueterm policies across the country, including those who terminated policies with Conseco because of the rate increases. The plaintiffs alleged the carrier breached the cost-of-insurance...
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