The plaintiffs, Wendell and Linda Allen, brought a motion for court approval of a settlement in a certified class action against The Manufacturers Life Insurance Company ("Manulife").
The class action alleged Manulife failed to provide proper adjustment notices for TermPlus life insurance policies, leading to insufficient premiums and negative accumulation amounts for policyholders.
Manulife investigated, acknowledged errors, and sought to resolve the issue.
The proposed settlement, valued between $1.59 million and $2.03 million, aimed to restore approximately 170 class members to the position they would have been in had proper notices been received, often providing 100% recovery without deductions for fees.
The court found the settlement fair, reasonable, and in the best interests of the class, granting the motion for approval.