Settlement Structure: Claims Made
Active: OpenCase Summary:
John Hancock Life Insurance Company of New York and John Hancock Life Insurance Company (USA) are settling a class action for more than $123 million, alleging that they increased cost of insurance (COI) rates on certain Performance Universal life insurance policies unlawfully. The complaint alleged that the companies also violated certain state laws by issuing false and misleading illustrations for the policies.Docket Number:
Company: John Hancock Life Insurance Company (USA)
Filing Deadline: January 1, 2100
Objection Deadline: March 28, 2022
Exclusion Deadline: March 28, 2022
Final Approval Hearing: May 17, 2022Proof of Purchase:
You do not have to provide proof.Eligibility:
You may be eligible if you are a current or former owner of a universal life insurance policy issued by John Hancock, or its predecessors, that were subject to the COI increase.
Certain policies are excluded:
(1) Policies at issue in the following cases: (i) Davydov v. JHNY and JHUSA, 18-cv-09825 (S.D.N.Y.); (ii) Twin Lakes and Lakewood Holdings v. JHNY and JHUSA, 655429/2018 (N.Y. Sup. Ct.); (iii) LSH and Wells Fargo v. JHNY and JHUSA, 19- cv-1009 (S.D.N.Y.); (iv) Lipschitz et al. v. JHNY, 655579/2019 (N.Y. Sup. Ct. ); (v) VICOF II Trust et al. v. JHNY, 19-cv-11093 (S.D.N.Y.); (vi) Wells Fargo v. John Hancock Life Insurance Company (U.S.A.), 20-cv-5032 (S.D.N.Y.); (vii) Kolel Beth Yechiel Mechil of Tartikov, Inc. v. JHNY and JHUSA, 650452/2021 (N.Y. Sup. Ct.); and (viii) all actions consolidated with (v) pursuant to the Court’s Oct. 14, 2021 Order (19-cv-11093, Dkt. 99).
(2) Policies which have previously reached settlements with John Hancock: 94656436, 93706844, 93717346, 93717353, 93717361, 93717379, 93752541, 94265337, 94472578, 93970200, 94270709, 93509370, and 93787802.Typical Settlement Amount:
(1) Cash payment: Pro rata share of the net settlement fund, to refund most of the total additional COI charges on the policies at issue collected through August 31, 2021. The minimum check will be $100.
(2) Non-cash relief: John Hancock agrees not to raise rates on policies covered by this settlement, and to extend the rate freeze if it agrees to a longer freeze for an excluded policy or certain others. It will also not try to deny or rescind a death claim for class members under certain conditions. For more details, see the Notice at https://www.hancockcoisettlement.com/admin/services/connectedapps.cms.extensions/18.104.22.168/asset?id=3f4e3cbc-81e8-44d0-8ca9-8eb6a5bfa6b8&languageId=1033&inline=true/.
Total Settlement Amount: $123,074,128.32Class Representative Proposed Incentive Fee:
Up to $25,000
Susman Godfrey LLP
Case Name: Jeffrey Leonard et. al. v. John Hancock Life Insurance Company of New York et. al.
Settlement Website: Hancock COI Settlement Website
JND Legal Administration
Hancock COI Settlement
c/o JND legal Administration
P.O. Box 91398
Seattle, WA 98111