NU Online News Service, July 1, 2004, 7:02 p.m. EDT
Massachusetts Mutual Life Insurance Company, Springfield, Mass., says it has agreed to a settlement that could resolve years of litigation over disputes about its sales practices.[@@]
A judge in the U.S. District Court in Newark, N.J., has given the agreement preliminary approval and scheduled a fairness hearing for Nov. 22.
The settlement would end a group of cases consolidated under the caption Varacallo et al. vs. Massachusetts Mutual Life Insurance Company et al. under the jurisdiction of the U.S. District Court in Newark, N.J. The cases concern complaints about permanent life policies and some term life and disability income policies issued by MassMutual affiliates from Jan. 1, 1983, to Dec. 31, 2003.
The affiliates are Connecticut Mutual Life Insurance Company, C.M. Life Insurance Company, Massachusetts Mutual Life Insurance Company and MML Bay State Life Insurance Company.