Pacific Life Settles Class-Action Suit Over Policies
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.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
