The lawsuit was filed Aug. 2 by Lima LS,
A civil lawsuit filed in federal court accuses a Hartford insurance and annuity company of a scheme to inflate its sales and make millions of dollars for executives. $1.15
billion in Phoenix-issued life insurance policies that were bought on a secondary market as investments. It accuses Phoenix of relaxing its underwriting in order to sell a
high volume of life insurance policies, often worth millions of dollars each. The accusations in the lawsuit go further, alleging misconduct related to when policies are
treated as investments. Read More.
Universal Life / Insurance Class Action $153,000,000
Class Action Settlement (relief value available through settlement) -- 8/12/04. Robert C. McBride, Individually and in a representative capacity on behalf of a class of all
persons similarly situated v. Life Insurance Company of Virginia, d/b/a GE Life and Annuity Assurance Company, United States District Court, Middle District of Georgia,
Columbus Division. Butler, Wooten & Fryhofer, LLP served as class counsel in a ground breaking settlement of a nationwide class action against GE Life Assurance and
Annuity Company (formerly Life of Virginia) over its universal life insurance policies. The settlement, which was finally approved by Judge Duross Fitzpatrick on August 12,
2004, came nearly four years after the firm first filed suit for Robert and Barbara McBride. For further info please see Universal life insurance class action Blog.
John Hancock Death Benefits Class Action Lawsuit
John Hancock Life Insurance Company is facing a potential class action lawsuit accusing the company of failing to pay out death benefits. The lawsuit comes just four
months after the insurer agreed to pay six states $13.3 million to settle allegations it didn’t work hard enough to pay life insurance benefits.For further info please see
Hancock Death benefits Class Lawsuit Blog.
Life insurance beneficiary files putative class action lawsuit
A federal class action lawsuit was recently filed in Massachusetts against a leading life insurer targeting claims settlement practices for unclaimed death benefits. See
Feingold v. John Hancock Life Ins. Co. (USA), No. 1:13-cv-10185-RBC (D. Mass. Jan. 30, 2013). For further info please see Life Insurance Beneficiary Files Blog.
2330. Implied Obligation of Good Faith and Fair Dealing Explained is a California Law
but other states have similar laws. This instruction may be used to introduce a “bad-faith” claim arising from an alleged breach of the implied covenant of good faith and
fair dealing. In every insurance policy there is an implied obligation of good faith and fair dealing that neither the insurance company nor the insured will do anything to
injure the right of the other party to receive the benefits of the agreement. For further info please see 2330. Implied Obligation of Good Faith and Fair Dealing Blog
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