Gail Thompson, Hans Sunder, in his capacity as Trustee for the Sunder Irrevocable Trust, Belinda Bucci, in her capacity as Trustee of the Nancy and Charles Barcelona Irrevocable Trust dated May 12, 1998, Debra Lewis, Diana Lewis, Michael H. Stephens, Sandra Rosner, in her capacity as Trustee of the Rosner 1998 Irrevocable Trust Dated 5/19/98, Kathleen M. Swift, and Marc Soble, as Trustee for the Marilyn B. Soble Irrevocable Trust Dated 11/19/1997, individually and on behalf of themselves and all others similarly situated v. Transamerica Life Insurance Company
Published: Sep. 11, 2020 | Result Date: May 4, 2020 | Filing Date: Jun. 18, 2018 |Case number: 2:18-cv-05422-CAS-GJS Settlement – $88,000,000
Judge
Court
CD CA
Attorneys
Plaintiff
Andrew S. Friedman
(Bonnett, Fairbourn, Friedman & Balint PC)
Harvey Jay Rosenfield
(Consumer Watchdog)
Adam M. Moskowitz
(The Moskowitz Law Firm PLLC)
Defendant
Thomas F.A. Hetherington
(McDowell, Hetherington LLP)
Facts
Gail Thompson initiated a putative class action lawsuit against Transamerica Life Insurance Company challenging its Monthly Deduction Rates on universal life insurance policies.
Contentions
PLAINTIFFS' CONTENTIONS: Plaintiffs contended that defendant imposed a series of contractually prohibited increases in its MDRs used to determine the monthly deductions withdrawn each month from the accumulation values.
DEFENDANT'S CONTENTIONS: Defendant's denied the contentions.
Result
The parties agreed to settle for up to $88 million, including $8 million in attorneys' fees. Settlement Class Members who have In-Force polices will be paid in the form of a credit made to the accumulation value of their policy. Those with a death claim policy or who have a terminated policy will receive a check.
For reprint rights or to order a copy of your photo:
Email
jeremy@reprintpros.com
for prices.
Direct dial: 949-702-5390