Federal Judge Gives Preliminary OK to Accordia Class Action Settlement
July 1, 2019 by Allison Bell
A federal court in Illinois has taken a step toward approving a deal that could apply to the owners of 530,000 interest-sensitive life insurance policies who were affected by a life insurance company system conversion effort.
Judge Colin Stirling Bruce — a judge in the U.S. District Court for the Central District of Illinois — recently issued an order granting preliminary approval to a class action settlement for the case Clapp et al v. Accordia Life and Annuity Company et al.
The plaintiffs in the case owned policies that were issued or assumed by Accordia Life and Annuity Company and administered by an outside company. The outside administrator moved the policies from a number of old administration systems to a new system.
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