Connecticut General, Class Get $147 Million Deal Approved (1)

Connecticut General Life Insurance Co. and Lincoln National Life Insurance Co. won final court approval to settle for $147 million a nine-year class action alleging breach of cost of insurance policy provisions.

Judge Michael P. Shea, of the US District Court for District of Connecticut, rejected law firm Susman Godfrey LLP’s objection to the settlement. Susman Godfrey, on behalf of multiple objectors, argued that the two class representatives didn’t have standing to represent the objectors for policies issued by Lincoln Life & Annuity Company of New York and First Penn-Pacific Life Insurance Co.

The objectors said that the representatives didn’t ...