Plaintiffs Say Transamerica Settles Lawsuit Over Universal Life Policy Charges
April 15, 2020 by Contributing editor
Transamerica Life Insurance Co. has agreed to settle a class-action lawsuit filed in Los Angeles, alleging that the company improperly increased the monthly charges of holders of universal life policies, the plaintiffs’ attorneys announced Tuesday.
Under the proposed settlement, filed in U.S. District Court, Transamerica has agreed to pay up to $88 million in account value credits to policies in effect and those for which death claims were pending as of last Dec. 31, according to attorney Andrew S. Friedman.
U.S. District Judge Christina Snyder scheduled a May 4 settlement approval hearing.
Click HERE to read the full story via MyNewsLA.com