Symetra Will Pay $44 Million to Escape Church Pension Lawsuit

African Methodist Episcopal Church pastors seek court approval of a $44.4 million class settlement with Symetra Life Insurance Co. in a lawsuit alleging steep retirement plan losses, bumping the total settlement amount above $100 million.

The deal, announced April 10 in the US District Court for the Western District of Tennessee, is expected to benefit about 4,500 pastors and church employees while resolving claims that Symetra fraudulently concealed key facts about their pension plan. It follows a $20 million settlement with the church and related entities and a $40 million deal with third-party administrator Newport Group Inc.

• The class ...