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June 29, 2001 at 08:00 PM
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NU Online News Service, June 29, 10:15 a.m. – London Life Insurance Company, London, Ontario, says it has negotiated a settlement of a class-action suit involving complaints about participating variable-return life insurance policies sold to 500,000 customers in Canada between 1980 and 1995.
The settlement must be approved by the courts in British Columbia, Ontario and Quebec.
If approved, the settlement would provide about $180 million for purchasers of the variable-return policies.
London Life has already paid $60 million to customers through earlier initiatives, the company says.
The settlement resolves complaints about policies sold with features that were supposed to use policy dividends to offset the cost of the premiums.
