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This settlement is closed!
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John Hancock Life Insurance Company (USA) has agreed to pay nearly $60 million to settle a class action lawsuit challenging the cost of insurance charges deducted from policyholders’ account values.
If you own or owned a John Hancock Flex V2 Life Insurance Policy, your rights may be affected by the class action settlement.
The Flex V2, a variable whole life policy, has an investment feature that allows an accumulation of value after charges are deducted.
According to the John Hancock class action lawsuit, the life insurance company violated the policy in three different ways. First, John Hancock allegedly impermissibly considers factors other than mortality expectations when calculating an “Applied Monthly Rate” based on “expectations of future mortality experience.”
Second, John Hancock impermissibly includes amounts in the “Applied Monthly Rate” that should actually be included in the “Maintenance Charge,” the John Hancock class action lawsuit alleges. The policy allegedly permits a maximum “Maintenance Charge” of $8 per month.
Third, the John Hancock class action lawsuit alleges the policy requires the “Applied Monthly Rate” to be reviewed at least once every five policy years and adjusted to reflect expectations of future mortality. However, the plaintiff says the rate has not been modified.
John Hancock denies the allegations and maintains that the rates and charges it applied to its Flex V2 life insurance policies are consistent with the policy’s terms. However, the life insurance company has agreed to settle the Flex V2 class action lawsuit to avoid the burden and expense of ongoing litigation.
The deadline to object to or opt out of the John Hancock class action settlement is April 30, 2018.
Who’s Eligible
Class Members of the John Hancock settlement include “all persons who own or owned a Flex V Scheduled Premium Variable Whole Life Insurance Policy (Policy Form 94-85, sometimes referred to as the ‘Flex V2’), that is an individual life insurance policy, the benefits, payments, or values of which may increase or decrease in accordance with the investment experience of a ‘Separate Account’ issued or administered by the Defendant or its predecessors in interest, the terms of which provide or provided for (1) an ‘Insurance Charge’ calculated using ‘Applied Monthly Rate’ based on the Defendant’s ‘expectations of future mortality experience,’ (2) an additional but separate ‘Maintenance Charge,’ (3) an investment, interest-bearing, or savings component; and (4) a death benefit.”
NOTE: If a Class Member is deceased, his or her estate will qualify as a Class Member of the John Hancock settlement.
Potential Award
Varies, based on the allegedly excessive charges each Class Member paid.
Class Members who purchased their policies on or after Jan. 1, 1997 will receive a payment of $50 to $5,350. The average payment will be approximately $630.
Class Members who purchased their policies on or before Dec. 31, 1996 will receive a payment of $25 to $975. The average payment will be approximately $120.
Proof of Purchase
N/A
Settlement Notice
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Claim Form Deadline
N/A. Class Members who do not opt out of the John Hancock settlement will automatically receive benefits.
Case Name
Larson, et al. v. John Hancock Life Insurance Company (U.S.A.), Case No. RG16813803, in the Superior Court of the State of California for the County of Alameda
Final Hearing
5/8/2018
UPDATE: The John Hancock Life Insurance Policy Class Action Settlement was granted final approval on May 8, 2018. Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.
Settlement Website
Claims Administrator
Larson v. John Hancock Settlement Administrator
c/o Epiq Systems Inc.
P.O. Box 4850
Portland, OR 97208-4850
888-740-7631
Class Counsel
Norman E. Siegel
STUEVE SIEGEL HANSON LLP
John J. Schirger
MILLER SCHIRGER LLC
Daniel C. Girard
GIRARD GIBBS LLP
Defense Counsel
Alan B. Vickery
John F. LaSalle
Motty Shulman
Sean P. Rodriguez
BOIES SCHILLER FLEXNER LLP
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252 thoughts onJohn Hancock Life Insurance Policy Class Action Settlement
Me and my wife have yet to receive any reply or check in reference to the settlement!!!!
I have yet to receive any reply or check in reference to the settlement!!!!
How can I find out if I was a member of the Class Action? I have not heard anything since the original notification about the Cass Action lawsuit.
Caterina & Giuseppe Mineo Me and my husband never received any money for this class action and is march 31 2021 can anybody let us know way
I had a John Hancock Policy in 1987 and still have the original form with the Agent’s name. Today, the Policy is under Massachusetts-Rhode Island Fair Plans. I had a problem with the Insurance and took the company to small claims court. The company did not show, and I was granted my claim. I explain to this company that I had this insurance since 1987 and the company stated “I open the claim in 1996.” I have most of the receipts filed away. I do not recall John Hancock alerting me of the changeover. However, the policy number is still the same and I continue to send in payments up to date. To this date, I have had this insurance for 34 years
I have yet to receive any reply or check in reference to the settlement!!!!
Mrs. Sylvia Cintron