August 2 2006
A class action lawsuit filed against Conseco Life Insurance Co. alleged that the insurer forced clients to pay higher premiums on some universal life policies or surrender them for cash to burnish the parent company's finances. Conseco filed for bankruptcy protection in December 2002, when its plans to expand from insurance into a range of financial services collapsed from a huge debt load. Conseco emerged from Chapter 11 protection in September 2003. A tentative settlement against its life insurance division has been reached and Indianapolis-based Conseco has agreed to pay $100.3 million. (Aug-01-06)
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