Conseco Insurance Annuity Marketing & Sales Practices Class Action Litigation Settlement

Conseco Insurance Annuity Marketing & Sales Practices Litigation Class Action Settlement Approved By Federal Judge.

A federal judge has reportedly given final approval to a class action settlement reached in a class action lawsuit against Conseco Insurance Company (“Conseco Insurance”) Conseco Services, LLC (“Conseco Services”), and Conseco Marketing, LLC (“Conseco Marketing”) (collectively “Defendants”) in the United States District Court for the Northern District of California (styled In Re Conseco Insurance Co. Annuity Marketing & Sales Practices Litigation, Case No. C-05-04726-RMW), alleging, among other things, that Conseco  targeted senior consumers and sold them costly and poorly performing deferred Annuities with steep surrender penalties, unfair interest adjustments and excessive commissions and costs, according to a final order approving class action settlement in the Conseco Insurance Annuity Marketing & Sales Practices class action litigation.

The Conseco Insurance Annuity Marketing & Sales Practices class action settlement reportedly provides settlement benefits to settlement class members as follows:

1. If you have an active annuity, you will reportedly be eligible for a bonus that is estimated to be 0.532% of the Accumulation Value of the annuity.
2. If you have already annuitized your annuity, the amount scheduled to be paid under your annuity will be increased by 2.5%.
3. If you have already surrendered your Annuity and paid surrender charges, you will be eligible for a 0.4% increase to the withdrawal amount.
4. Any annuity owned by a class member who passed away will be eligible for a 0.5% increase to the death benefit amount paid under the annuity. However, in order to receive this benefit, eligible beneficiaries must complete, sign and submit to CNO Services, LLC a Claim Form.

The Conseco Insurance Annuity Marketing & Sales Practices settlement class reportedly consists of the following persons:

Any person or trust who has not made a valid request for exclusion from the Settlement Class and who is, as of the Eligibility Date, or who was at the time of the Annuity’s termination prior to the Eligibility Date, an Owner, as defined in this Agreement, of an Annuity, or a Beneficiary of a deceased Owner, provided that Defendants’ records show that one of the Annuity’s Owners as of the Eligibility Date is, or one of the Annuity’s Owners at the time of termination was: (a) a natural person who was age 65 or older on the Annuity’s date of issue; or (b) a trust, and at least one Annuitant was age 65 or older on the Annuity’s date of issue; except that, “Class Member,” “Class Members,” and “Settlement Class,” do not include a person or trust: (a) who is or was an Owner of an Annuity: (i) that was issued but not accepted or was returned to the Company as part of the exercise of the “free-look” provision in the Annuity or was otherwise rescinded; (ii) that was surrendered in full without incurring any Surrender Charge; (iii) that was Annuitized and the Annuity Payments have ceased; or (iv) that was owned by a natural person under age 65, and in which no person age 65 or older had an ownership interest at the time of purchase;(b) who signed a document that  released any of the Defendants from any further claims concerning the Annuity; (c) whose rights and claims respecting the Annuity have been finally adjudicated in a court of law; (d) who is or was a member of the Board of Directors, an officer, shareholder or employee of Defendants at any time during the Class Period, as well as the parents, affiliates, legal representatives, attorneys, successors, or assigns of Defendants; (e) who is a judge, justice, or judicial official presiding over the Action or is with the staff or immediate family of such judge, justice or official; (f) who is a person or entity hired to administer the terms of the Settlement; and (g) which is a corporation or legal entity other than a trust or
natural person.

For more information on the Conseco Insurance Annuity Marketing & Sales Practices class action settlement, visit the Conseco Annuities Class Action Administration Page:

www.cicannuitylitigation.com

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