Symetra Life Settles Class-Action Lawsuit for $32.5 Million Over Policy Deductions

Symetra Life Insurance has agreed to a $32.5 million settlement in a class-action lawsuit over improper cash value deductions from policyholders' trusts.

In a significant turn of events, Symetra Life Insurance Company has agreed to a $32.5 million settlement in response to a class-action lawsuit.

This legal action accused the company of improperly charging policyholders by deducting large sums from their cash value trusts.

Settlement Details

The proposed settlement is designed to offer compensation to eligible policyholders, addressing serious concerns about the company’s financial practices in managing these policies.

It aims to rectify the situation for those affected by the alleged undue withdrawals.

Legal Implications

Legal representatives involved in the lawsuit view this settlement as an important step toward making amends with the policyholders who voiced their grievances.

Before the agreement is finalized, it must receive approval from the court, which will assess the terms to ensure they are fair and satisfactory for all parties involved.

Next Steps

The court’s evaluation process will be critical in determining the final outcome of this settlement and ensuring that the interests of the class members are adequately protected.

Source: News.ambest.com