The lawsuit against Monumental Transamerica was filed by policyholders who claimed that the company breached their contracts and acted in bad faith. In response, Transamerica increased charges to make up for lost guaranteed monthly interest. Additionally, Transamerica wanted them to give up their life insurance policy. The lawsuit was brought by Consumer Watchdog and Bonnett, Fairbourn, Friedman & Balint. The lawsuit was settled for $1.2 million, and attorneys from Moskowitz Law firm handled the case.
The Moskowitz Law Firm has served as co-lead counsel for a nationwide class of consumers in landmark life insurance and other product litigation. The case recently preliminarily settled for tens of millions of dollars in damages and important injunctive relief. In this article, we take a closer look at the key points of the case and explain how the settlement will impact consumers.
First, we look at the case itself. While Transamerica defended Mr. South, it did not defend the annuity company. It filed the lawsuit in the United States District Court for the Southern District of Illinois. It requested a declaratory judgment under 28 U.S.C. SS 2201, which would rule that Transamerica owed Mr. South no duty to defend or indemnify him for the annuities. The parties filed cross-motions for summary judgment, and the court heard an oral argument on March 1, 1991.
A federal judge has approved a settlement amount in a Monumental Transamerica Insurance lawsuit. This amount is up to $88 million. The settlement also resolves several other issues. Transamerica agreed not to increase the rate of monthly deductions and to modify the rate schedules. This settlement will benefit the insured, whose beneficiaries are the surviving spouse, children, and grandchildren of deceased loved ones. Here’s how it works.
First, the plaintiffs will receive their money. Transamerica agrees to pay the first $10,000,000 in attorneys’ fees and expenses. Likewise, the company agrees not to impose additional MDR increases on the Class Policies for five years following the Execution Date. Moreover, TLC will continue to adhere to the MDR schedules that were implemented through MDR Increases. The settlement is a substantial victory for consumers, but it is far from ideal.
If you are looking for life insurance, you may be wondering if you can file a class-action lawsuit against Monumental Transamerica Insurance. A class-action lawsuit against an insurance company is one way to pursue justice for the ill-treated beneficiaries of your policy. Transamerica, a company that has a shaky reputation, is being investigated by attorneys for failing to review your claim in a timely and efficient manner.
The settlement, which involves a minimum benefit of $200, will provide restitution for many policyholders. The lawsuit was filed after Transamerica allegedly raised policy premiums to offset guaranteed monthly interest. While Transamerica is denying fault, the lawsuit says it will compensate Class Members in a cash settlement of at least $8 million. Class Representatives will be awarded up to $10,000 for their role in the settlement.
Moskowitz Law firm
The Moskowitz Law firm recently secured a landmark settlement in a class action suit against Transamerica Life Insurance Company, a company that fraudulently increased monthly premiums. Moskowitz Law Firm’s Adam M. Moskowitz is the lead attorney in this case and has served as lead counsel or co-lead counsel in 31 other nationwide force-placed insurance class action cases.
The law firm has been involved in a multi-million dollar lawsuit against Universal Property, the largest private insurance company in Florida. The suit aims to put an end to the practice of intentionally failing to pay the statutory interest. Statutory interest is a requirement under Florida law, and Moskowitz Law firm is seeking to recover unpaid interest funds on behalf of investors. To date, the firm has secured over $35 million in compensation for investors.