공시 • Jun 25
Kansas City Life Insurance Company Announces Potential Nationwide Settlement in Cost of Insurance Class Action Litigation
Kansas City Life Insurance Company ("KCL") announced that it has entered an agreement intended to settle all claims asserted against it in previously-disclosed class action litigation related to the cost of insurance rates used in certain universal life and variable universal life policies. Under the terms of the proposed nationwide Settlement Agreement, which is subject to both preliminary and final court approval, KCL has agreed to pay $45.0 million to address the claims of approximately 88,000 policyholders. The proposed settlement would resolve all current and potential claims related to the cost of insurance rates used by KCL in administering the following universal life and variable universal life policies: Better Life Plan, Better Life Plan Qualified, LifeTrack, AGP, MGP, PGP, Chapter One, Classic, Century II, Rightrack (89), Performer (88), Performer (91), Prime Performer, Competitor (88), Competitor (91), Executive (88), Executive (91), Protector 50, LewerMax, Ultra 20 (93), Competitor II, Executive II, Performer II, and Ultra 20 (96) policies (the "Class Policies") that were issued and administered by KCL and that were active on or after January 1, 2002. The proposed settlement would also resolve the claims asserted in the following ongoing cases: van Zanten and Vittetoe v. KCL, 4:25-cv-00095-BP, US District Court for the Western District of Missouri; van Zanten v. KCL, 4:25-cv-00179-DGK, US District Court for the Western District of Missouri; Sheldon v. KCL, 1916-CV26689, 16Circuit Court, Jackson County Missouri ("Sheldon"); Fine v. KCL, 2:22-cv-02071-MWC-PD, US District Court for the Central District of California; and McMillan v. KCL, 1:22-cv-01100-BAH, US District Court for the District of Maryland (collectively, the "Cost of Insurance Class Action Litigation"). In addition, the settlement will address the claims of any other policyholder owning a Class Policy that is not a part of the existing or prior litigation. Members of the Karr v. KCL, 1916-CV26645, 16Circuit Court, Jackson County Missouri ("Karr") and Meek v. KCL, 4:19-cv-00472-BP, US District Court for the Western District of Missouri ("Meek") litigation, whose policies were in force on or after February 1, 2021, are also included in the proposed Settlement. Settlement proceedings related to the Sheldon litigation matter will be held before the 16th Circuit Court, Jackson County Missouri. Settlement proceedings related to all other claims will be held before the United Stated District Court for the Western District of Missouri. The settlement agreement is conditional upon approval of the settlement by each of the Courts. Dates have not yet been set for settlement approval hearings. There can be no assurance that the Settlement Agreement will be approved by the relevant courts. In entering the Settlement Agreement, the Company does not admit to any liability or wrongdoing of any sort with regard to any of the claims or allegations in the current actions or in any future actions, and notes that it will continue to vigorously defend any and all actions if the Settlement Agreement is not approved by the Courts.