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Article: BIG INSURANCE SETTLEMENT HAS DRAWBACKS.(Business)(Column)
- Article from:
- Seattle Post-Intelligencer
- Article date:
- November 19, 1996
CopyrightCOPYRIGHT 1996 Seattle Post-Intelligencer. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In theory, tens of thousands of people stand to benefit from the class-action lawsuits brought against several major life insurance companies.
Prudential, Metropolitan Life, New York Life and Phoenix Mutual have agreed to nationwide restitution after being charged with misleading sales practices. Prudential, which recently agreed to pay $90 million in legal fees, started notifying 10.7 million policyholders last week. Cases are pending against John Hancock and Equitable, among others.
But for one reason or another, many people who ought to benefit from the settlements won't. Insurance companies mail out information. But bilked policyholders may not ...