Transamerica Life Insurance Co. will pay $195 million to resolve class allegations it improperly increased monthly deduction rates on life insurance policies.
The deal with policyholders won final approval Feb. 6.
The settlement provides “substantial cash payments” for class members and was reached after “hard-fought and non-collusive” negotiations, Judge Christina A. Snyder wrote for the U.S. District Court for the Central District of California.
The settlement class includes the holders of over 69,000 policies. Each class member will get a minimum of $100. Funds will be distributed automatically to class members without a claims process.
The court approved class counsel’s ...
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