Conseco To Pay $27M For Hiking Life Insurance Fees

Law360, San Francisco (July 12, 2013, 9:20 PM EDT) -- A California federal judge said Friday that she plans to give preliminary approval to a deal worth up to $27 million between Conseco Life Insurance Co. and a class of policyholders who accused the insurer in multi-district litigation of increasing its fees in violation of their life insurance policy agreements.

Under the deal, Conseco customers can surrender their policies for a cash payout, can opt not to pay further premiums or fees in exchange for a reduced death benefit or can receive an additional accidental death benefit, according...
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