Pacific Life Settles Class-Action Suit Over Policies
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COVINGTON, Ky. — Pacific Life Insurance of Newport Beach will pay more than $115 million to settle a class-action lawsuit claiming it cheated customers over 15 years by lying about its policies.
Kenton Circuit Judge Douglas Stephens approved the settlement--estimated to have a value of close to $140 million when administrative fees and other costs are included--in a written order Thursday.
The case was filed in Covington because the lead plaintiff is a local company, Ace Seat Belt Covers Inc.
The lawsuit, filed last year, charged that Pacific Life cheated its customers in policies it had written from 1982 to 1997.
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