Northwestern Mutual Life Insurance Whole Life Insurance Policyholders File Class Action Lawsuit Against Northwestern Mutual Life Insurance Over Variable Loan Rate Insurance Policy Interest Rates.
A class action lawsuit has been filed against Northwestern Mutual Life Insurance Company (“Northwestern Mutual” or “Northwestern Mutual Life Insurance” or “Northwestern Mutual Life” or “Defendant”) in the Circuit Court of Milwaukee County, Wisconsin (styled Gad Smith & Jean Smith v. Northwestern Mutual Life Insurance Company, Class Action Case No. 30303) alleging, among other things, that Northwestern Mutual Life Insurance breached its whole life insurance policy contracts and fiduciary duties to its whole life insured policyholders with regard to the interest rate assessed on whole life policy loans that originally contained policy language providing for a maximum loan interest rate of 5% or 6% and that were changed to Variable Rate Policies with maximum interest rates of %8 in exchange for the right to participate in a higher tier dividend class with other members of the mutual insurance company, according to the Northwestern Mutual Life Insurance whole life insurance interest rate class action lawsuit complaint.
The Northwestern Mutual Life Insurance whole life insurance interest rate class action lawsuit complaint is reportedly brought on behalf of the following putative class of persons, unless otherwise excluded:
All current and prior owners of whole life policies (the 5%/6% limit policies) issued by Northwestern Mutual Life Insurance Company who accepted the Variable Loan Rate Amendment modifying the 5%/6% limit policies to become Variable Loan Rate Policies and have had policy loans outstanding at any time since January 1, 1990.
The Northwestern Mutual Life Insurance whole life insurance interest rate class action complaint reportedly asserts claims for breach of contract and breach of fiduciary duty.
For more information on the Northwestern Mutual Life Insurance Variable Loan Rate whole life class action lawsuit, read the Northwestern Mutual Life Insurance class action lawsuit complaint.
If You Have Thoughts On The Northwestern Mutual Life Insurance Variable Loan Rate Class Action Lawsuit, Share Your Class Action Comments Below.
We have a horrendous problem with North Western Mutual Life Ins. Co
about a variable interest loan that they have fraudulantly created, without our knowledge, against our policy.
We would be very interest in joining in a class action suit against this company.