Miller Schirger and Stueve Siegel Hanson Announce Major Class Action Settlement Approved over Alleged Life Insurance Policy Overcharges

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An Indiana Court has granted final approval of a $2.25 billion settlement of a class action lawsuit against The Lincoln National Life Insurance Company over alleged life insurance policy overcharges. Lincoln National agreed to settle the case by, among other things, issuing term life insurance certificates to a settlement class consisting of approximately 77,000 policy owners across 30 states.

Partner at Stueve Siegel Hanson

Attorney Patrick Stueve

"We are continuing our efforts on behalf of life insurance policy holders who we believe are being overcharged for their life insurance by several other life insurance companies and hope to secure similar relief for those clients," said Pat Stueve.

Miller Schirger LLC and Stueve Siegel Hanson LLP, law firms based in Kansas City, Mo., announce that, after six and a half years of litigation, an Indiana court has granted final approval of a $2.25 billion settlement of a class action lawsuit against The Lincoln National Life Insurance Company over alleged life insurance policy overcharges. Lincoln National agreed to settle the case by, among other things, issuing term life insurance certificates to a settlement class consisting of approximately 77,000 policy owners across 30 states. The term life insurance certificates will have a total face amount of death benefits estimated at $2.25 billion, with a market value of approximately $171.8 million.

In June, 2009, Stueve Siegel Hanson and co-counsel Miller Schirger filed the class action lawsuit against Lincoln National. The firms brought the lawsuit on behalf of Peter S. Bezich and other individuals who owned variable universal life insurance policies administered by Lincoln National, and involved alleged “cost of insurance” overcharges and other policy overcharges. Lincoln National denies all liability or wrong doing with regard to the claims and allegations asserted in the case.

“After six and a half years of hard fought litigation, including appeals to the United States Court of Appeals for the Seventh Circuit and the Indiana state appellate courts, we are pleased that we secured substantial relief for our clients,” said Miller Schirger Partner John Schirger.

“We are continuing our efforts on behalf of life insurance policy holders who we believe are being overcharged for their life insurance by several other life insurance companies and hope to secure similar relief for these clients,” said Stueve Siegel Hanson Partner Patrick Stueve.

Miller Schirger LLC is a Kansas City, Missouri based law firm focused on resolving complex disputes on behalf of businesses and individuals nationwide. Its attorneys represent plaintiffs and defendants in state and federal trial and appellate courts, before administrative and regulatory tribunals, and in arbitration and other alternative dispute resolution proceedings nationwide. http://www.millerschirger.com

Stueve Siegel Hanson LLP is a Kansas City, Missouri based law firm representing business and individuals in high stakes litigation on a contingency fee model. The firm includes 40 lawyers in Kansas City, New York and San Diego and represents plaintiffs and defendants nationwide in complex business, class action, wage and hour, environmental, and product liability litigation and trials. http://www.stuevesiegel.com

The case is 02C01-0906-PL-73, Allen County, Indiana. There is a website set up by a third party administrator with all the court documents.

http://www.bezichsettlement.com/CaseInfo.aspx?pas=LBZ

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