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November 19, 2007 at 09:54 AM
Top executives at Union Labor Life Insurance Company say the carrier’s agreement to settle U.S. Department of Labor allegations of benefit law violations, does not mean the company agrees that the suit was justified.
The comments were a response to the Labor Department’s announcement Friday that ULLICO, Washington, had settled the suit by agreeing to pay close to $17 million to pension plans and other investors that put money into a pooled separate account plan it offers.
The Labor Department maintained the plan, known as Separate Account J, failed to meet Employee Retirement Income Security Act of 1974 requirements that compensation arrangements be disclosed to .
ULLICO agreed to settle “to avoid lengthy, expensive litigation and to eliminate any ambiguity about whether the company’s reasonable compensation arrangements were adequately and consistently disclosed under ERISA,” ULLICO says.
