Transamerica Settles Policyholder Class Action for $195 Million

Transamerica Life Insurance Company has agreed to settle a class action lawsuit brought on behalf of policyholders across the United States alleging that Transamerica improperly increased the monthly charges that the company withdrew from the accounts of policyholders who own certain “universal life” insurance policies.

Under the proposed settlement, which was submitted to the federal district court in Los Angeles, Transamerica has agreed to pay up to $195 million into a fund which, after payment of Plaintiffs’ attorneys’ fees and expenses approved by the court, will be distributed to existing policyholders and those whose policies terminated or lapsed after the increases were first imposed in 2015 and 2016. The settlement fund equals approximately 62% of the past alleged overcharges, not including legal fees and expenses. The settlement payments will automatically increase the account values of the existing policies owned by class members; owners of terminated policies will receive cash payments. No claim forms will be required.

This blog is intended to provide information to the general public and to practitioners about developments that may impact Oregon class actions.

Sign up to receive Class Actions Blog posts in your inbox!

Steve Larson

An experienced trial lawyer who handles both hourly and contingent fee cases, Steve has expertise in class actions, environmental clean-up litigation, antitrust litigation, securities litigation, corporate disputes, intellectual property disputes, unfair competition claims, and disputes involving family wealth. Steve regularly represents individuals and businesses in federal and state court and has obtained class-wide recovery in multiple class actions. A veteran practitioner, Steve’s clients value his creative approach to resolving complex litigation matters.


Legal Disclaimer

The information contained in this blog does not constitute legal advice, and does not create an attorney-client relationship. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this blog.