The Hartford Financial Services Group Inc. has agreed to a $72.5 million class-action settlement ending a dispute over structured settlements in personal injury and workers compensation cases. The settlement which has been approved in U.S. District Court in Bridgeport covers 21,600 people nationwide. It was alleged in the lawsuit that The Hartford’s property and casualty companies purchased annuities from its life insurance subsidiary and deducted as much as 15% in undisclosed costs from the promised value of the annuity. The Hartford’s life insurance subsidiary was accused of paying a kickback to the property and casualty companies each year of a portion of the 15%.
Source: Associated Press
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