Case Details for "Northern Life Insurance Co"

Northern Life Insurance Co. Settles Class Action

Northern Life Insurance Co. has settled a class-action suit for up to $31 million concerning the marketing of tax-sheltered fixed annuities, mostly to teachers, starting in 1995.

The lawsuit alleged Northern Life's annuity documents misrepresented how interest would be calculated over the life of the annuities. Northern Life account holders were allegedly led to expect more interest than they received from the annuities. The company paid a high interest rate in the first year of the contract, reducing the rate during the remaining years.

Northern Life agreed to pay $29 to $40 for each $10,000 in value of a person's annuity, and the settlement provides up to $31 million for the payments.

Fixed annuities, as well variable annuities, sold by insurers to nonprofit primary and higher-education institutions are generally marketed inside 403(b) retirement plans.

Northern Life has notified 406,000 account holders that they may be affected by the settlement.

Posted on:2011-10-10
Company: Northern Life Insurance Co
Class:
Scope: Nationwide
Type of Case:
Settlement Administrator:

Contact Us Regarding This Settlement:

First Name
Last Name
Email Address
Phone Number
State of Residence	Please select Outside of US or Canada Canada Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Guam Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Palau Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virgin Islands Virginia Washington West Virginia Wisconsin Wyoming
Name of Company At Issue
Description / Explanation
Security Code Please enter the code provided in the text box to submit this form.