Accordia Life and Annuity Co. has resolved a lawsuit alleging that it mismanaged insurance policies when it transitioned to an electronic documentation system administered by Alliance-One Services, Inc., after winning approval from the U.S. District Court for the Central District of Illinois.
The settlement, approved Tuesday by Judge Colin S. Bruce, provides for an uncapped fund, requiring the defendants to pay all valid claims, regardless of cost. It also provides comprehensive injunctive relief to remedy non-monetary harm related to the botched conversion, including for policyholders who were misinformed about their policy values.
It resolves claims against Accordia and Alliance-One, as ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.