BRIDGEPORT, Conn. (AP) _ The Hartford Financial Services Group Inc. has agreed to a $72.5 million class-action settlement ending a dispute over structured settlements in personal injury and workers compensation cases.
David Golub, one of the lawyers, says the settlement approved in U.S. District Court in Bridgeport covers 21,600 people nationwide.
A spokeswoman for The Hartford did not immediately comment.
Golub says the lawsuit alleged that The Hartford’s property and casualty companies purchased annuities from its life insurance subsidiary and deducted as much as 15 percent in undisclosed costs from the promised value of the annuity.
He says the Hartford’s life insurance subsidiary was accused of paying a kickback to the property and casualty companies each year of a portion of the 15 percent.
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