New York Life Co. settles in suit

From: The Boston Globe (Boston, MA) | Date: August 15, 1995| Author: | Copyright information

In an agreement that could affect 3 million policyholders nationwide, New York Life Insurance Co. said yesterday it has agreed to settle a class-action suit charging the company engaged in a variety of misleading sales practices.

Harry G. Hohn, chairman of New York Life, said the settlement could produce at least $250 million in benefits for policyholders in the form of low-cost loans and other enhancements to their policies. He said the program will cost the company an estimated $65 million.

The deal is the latest in a series of settlements in the life insurance industry, which has had its ...

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