Insurance company Conseco Inc. said Tuesday it has agreed to settle a class action lawsuit against its life insurance division and will post $100.3 million of related costs in the quarter ended in June.
A class action lawsuit alleged Carmel, Ind.-based Conseco Life Insurance Co. forced clients to pay higher premiums on some universal life policies or surrender them for cash in order to burnish the parent company’s finances. Conseco said it acquired the policies through mergers with other insurance companies.
