In response to the overcharges, thousands of policyholders either abandoned or forfeited their policies, an outcome that the defendants intended. Policyholders have lost tens of millions of dollars in valuable life insurance as a result.
Weisbrod Matteis & Copley PLLC and DeLaney & DeLaney LLC have settled a nationwide class action lawsuit against Conseco Life Insurance Company for alleged life insurance overcharges. The settlement was approved by the U.S. District Court for the Southern District of Indiana on January 13, 2021 and provides for Conseco Life to pay $ 27 million (excluding fees and expenses) in cash to approximately 3,666 policyholders who own LifeTrend 3 – and LifeTrend 4 contracts are.
The case is Burnett et al. v. Conseco Life Insurance Co., et al., And was filed in 2012. The lawsuit alleges that Conseco Life and its parent companies – CNO Financial Group, Inc. and CNO Services, LLC – have overloaded policyholders with inappropriate premiums and insurance charges. In response to the overcharges, thousands of policyholders either abandoned or forfeited their policies, an outcome that the defendants intended. Policyholders have lost tens of millions of dollars in valuable life insurance as a result.
The CNO defendants are not included in the settlement. The litigation over her alleged liability continues.
“The victims here were mostly elderly retirees and some of the most personable plaintiffs imaginable,” said Stephen Weisbrod, co-lead counsel. “We look forward to helping you.”
Elderly man and woman sitting; Image courtesy of StockSnap via Pixabay, www.pixabay.com
“This is a great start,” said Kathleen DeLaney, Co-Lead Counsel. “But most of the millions of dollars in profits from the overpayments went to the parent company and its subsidiary, and we will continue to seek further recovery from them for the benefit of former policyholders.”
About Weisbrod Matteis & Copley PLLC
Weisbrod Matteis & Copley PLLC represents a wide variety of plaintiffs in insurance and other matters. The company’s clients include large private equity firms, Fortune 500 companies, the Mississippi Attorney General, and more than 1,000 corporations and homeowners whose properties have been flooded by hurricanes and other disasters. WMC has offices in Washington, Ft. Lauderdale, Jackson and San Juan. More information is available online at www.wmclaw.com.
About DeLaney & DeLaney LLC
DeLaney & DeLaney LLC is an Indianapolis boutique litigation firm that serves a variety of civil litigation matters, including class actions, in the Indiana federal, state and appeals courts. The firm is proud to be recognized by LexisNexis Martindale-Hubbell as an AV-rated law firm and has received multiple awards from Best Lawyers and SuperLawyers. More information is available online at www.delaneylaw.net.