Insurer Northwestern Mutual Settles Class Action for $92 Million

The 4-year old class action suit brought against Northwestern Mutual Life Insurance Co has been settled, with the company agreeing to pay $92 million, which will cover approximately 1.3 million current and 1.6 million former policy owners who purchased term life or disability coverage since 1981.

The lawsuit was filed in California by a customer who alleged the Milwaukee-based insurer misled him about whether dividends would be paid on term life and disability insurance.

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Published on Nov-13-08