An Indiana court has granted approval in a case covering 77,000 policyholders, including many in Missouri and Kansas
An Indiana court has approved a $2.25 billion life insurance class action settlement involving 77,000 policyholders of Lincoln National Life across 30 states, according to a report from The Kansas City Star.
Approximately 3,000 of these policyholders are based in Missouri and Kansas.
Miller Schirger LLC and Stueve Siegel Hanson LLP—the Kansas City-based law firms that handled the Bezich v The Lincoln National Life Insurance Co. case—announced that the claimants will receive term life insurance certificates with death benefits of $2.25 billion and a market value of $171.8 million.
The lawsuit was filed in June 2009, where plaintiffs alleged that Lincoln National levied policy overcharges in its variable universal life insurance policies. The company denied all liability or wrongdoing in this case.
A website has been set up to facilitate those policyholders with their claims.
