Connecticut General Life Insurance Co. and Lincoln National Life Insurance Co. have secured final court approval for a $147 million settlement in a nine-year-old class action lawsuit. The lawsuit alleged that the insurance companies breached the cost of insurance provisions in their policies.
US District Court Judge Michael P. Shea, presiding over the District of Connecticut, overruled objections raised by law firm Susman Godfrey LLP. The objections were filed on behalf of multiple parties who claimed that the class representatives lacked standing to represent them. Specifically, the objectors argued that the representatives couldn’t adequately represent policies issued by Lincoln Life & Annuity Company of New York and First Penn-Pacific Life Insurance Co.
Despite these objections, Judge Shea approved the settlement, bringing an end to the lengthy legal battle. The $147 million settlement is a significant resolution for the parties involved, concluding a complex and protracted legal dispute that has spanned nearly a decade.
