Former policyholders of Covenant Life Insurance Co. received a $9.75 million settlement in a case that arose out of the 1994 merger of Covenant and Provident Mutual Life Insurance Co.

The policyholders had claimed that Covenant’s officers and directors breached their fiduciary duties to the policyholders and the company by “negotiating and consummating a merger transaction which didn’t give any recognition to the value of the policyholders’ ownership interests in the company and Covenant’s substantial accumulated surplus and other assets,” according to plaintiffs’ attorney Kenneth Jacobsen, now a sole practitioner based in Media.

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