Class Action Lawsuit Against Savings Bank Life Insurance Receives Preliminary Approval of Class Action Settlement
A class action settlement involving Savings Bank Life Insurance Co. (SBLI) has received preliminary approval by a Suffolk Superior Court Judge and will be presented for final court approval at a class action fairness hearing set for May 20, according to class action settlement news reports.
According to reports, the Savings Bank Life Insurance class action settlement creates a $15 million settlement fund to pay owners of 515,000 insurance policies involved in the class action lawsuit brought against Savings Bank Life Insurance, a state-chartered life insurance company. Plaintiffs in the case reportedly accused Savings Bank Life Insurance of underpaying annual dividends, arguing they were entitled to settlement money based on calculated dividends for policies held in 2001.
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