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MassMutual agrees to settle suits for more than $130 million: the company wants to put litigation behind it.

Publication: National Underwriter Life & Health-Financial Services Edition
Publication Date: 19-JUL-04 		Format: Online - approximately 768 words
Delivery: Immediate Online Access
Full Article Title: MassMutual agrees to settle suits for more than $130 million: the company wants to put litigation behind it.(Settlements)

Article Excerpt
MASSACHUSETTS MUTUAL LIFE Insurance Company says it has agreed to pay at least $130 million to settle a group of suits that attack its sales practices.

MassMutual has agreed to the settlement to put the litigation behind it and continues to deny all of the allegations in the suits, the company says.

A judge in the U.S. District Court in Newark, N.J., has given the agreement preliminary approval and scheduled a fairness hearing for Nov. 22.

The proposed settlement would end a group of cases consolidated under the caption Varacallo et al. vs. Massachusetts Mutual Life Insurance Company et al. under the jurisdiction of the U.S. District Court in Newark, N.J. The cases concern...

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