Republic Mortgage Insurance Co. agreed to settle a proposed class action saying its profit sharing plan lost $1.3 million when its guaranteed interest account was liquidated amid a high interest rate environment.
The parties plan to submit details of the class-wide settlement for court approval by Nov. 14, they said in a settlement notice filed Thursday in the US District Court for the Middle District of North Carolina.
The lawsuit centers on a guaranteed interest account that held more than 44% of the Republic profit sharing plan’s assets and was intended to be a conservative investment aimed at preserving capital. ...
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