A federal judge in Los Angeles has given preliminary approval to a deal that Transamerica Life Insurance Co. reached with certain policyholders who claim the company improperly increased monthly charges withdrawn from their “universal life” policies.
As part of the proposed deal approved Monday by U.S. District Judge Christina Snyder of the Central District of California, Transamerica agreed to establish a fund of up to $88 million to compensate about 7,800 policyholders who owned its “TransUltra 115 98/99” or “TransSurvivor 115 97/98/99” universal life insurance policies.
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