Conseco Finalizes $11M Settlement With States

Law360, New York (June 30, 2010, 7:19 PM EDT) -- Conseco Life Insurance Co. has finalized an agreement with a number of state insurance regulators to settle allegations that the company misled customers about the terms of its Lifetrend life insurance products, agreeing to establish a $10 million fund for policyholders and pay $1 million to regulators.

Florida Insurance Commissioner Kevin McCarty announced Wednesday that the required number of state signatures to allow the settlement to go into effect had been obtained. As of Wednesday, 37 jurisdictions had signed the settlement with Conseco — more than...
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