Insurance
Fraud
Class Action
Confidential
Settlement – $33,250,000Court
San Diego Superior
Attorneys
Plaintiff
Larry A. Sackey
(Law Office of Larry A. Sackey)
Defendant
Facts
The plaintiffsÆ life policies contained a provision which stated that any redetermination of cost insurance rates
would be based on defendant insurance companyÆs expectations as to future mortality experience.
The defendant allegedly raised rates without valid actuarial support. According to the plaintiffs, the defendant
purportedly raised costs of insurance rates to offset policy expenses.
Settlement Discussions
The plaintiffs demanded $33.25 million. The defendant offered $2 to $3 million, which it raised to $33.25 million right before trial. The case settled for the demand number.
#106827
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