KANSAS CITY LIFE ANNOUNCES A POTENTIAL NATIONWIDE SETTLEMENT IN COST OF INSURANCE CLASS ACTION LITIGATION
Kansas City Life Insurance Company (OTCQX: KCLI) has announced a proposed $45 million nationwide settlement to resolve class action litigation regarding cost of insurance rates for certain universal life and variable universal life policies. The settlement would address claims from approximately 88,000 policyholders whose policies were active on or after January 1, 2002.
The agreement aims to resolve multiple ongoing cases across different jurisdictions and requires both preliminary and final court approval. CEO Walter E. Bixby stated this settlement would remove future uncertainty and ongoing legal expenses, benefiting policyholders, the company, and shareholders. The company maintains no admission of liability or wrongdoing in entering this agreement.
Kansas City Life Insurance Company (OTCQX: KCLI) ha annunciato una proposta di accordo nazionale da 45 milioni di dollari per risolvere una causa collettiva riguardante i tassi di costo dell'assicurazione per alcune polizze di vita universale e vita universale variabile. L'accordo riguarda le richieste di circa 88.000 titolari di polizze con polizze attive a partire dal 1° gennaio 2002.
L'intesa mira a chiudere diversi casi in corso in varie giurisdizioni e necessita dell'approvazione preliminare e finale del tribunale. Il CEO Walter E. Bixby ha dichiarato che questo accordo eliminerà incertezze future e spese legali continue, a vantaggio dei titolari di polizze, dell'azienda e degli azionisti. La società sottolinea che non vi è alcuna ammissione di responsabilità o illecito nell'entrare in questo accordo.
Kansas City Life Insurance Company (OTCQX: KCLI) ha anunciado una propuesta de acuerdo nacional de 45 millones de dólares para resolver una demanda colectiva relacionada con las tarifas del costo del seguro para ciertas pólizas de vida universal y vida universal variable. El acuerdo cubriría las reclamaciones de aproximadamente 88,000 titulares de pólizas cuyas pólizas estaban activas a partir del 1 de enero de 2002.
El acuerdo tiene como objetivo resolver múltiples casos en curso en diferentes jurisdicciones y requiere la aprobación preliminar y final del tribunal. El CEO Walter E. Bixby declaró que este acuerdo eliminará la incertidumbre futura y los gastos legales continuos, beneficiando a los titulares de pólizas, a la empresa y a los accionistas. La compañía mantiene que no hay admisión de responsabilidad o mala conducta al entrar en este acuerdo.
Kansas City Life Insurance Company (OTCQX: KCLI)는 특정 보편적 생명보험 및 변동형 보편적 생명보험의 보험료율과 관련된 집단 소송을 해결하기 위해 4,500만 달러 규모의 전국 합의안을 제안했다고 발표했습니다. 이 합의는 2002년 1월 1일 이후에 유효한 약 88,000명의 보험 계약자의 청구를 다룹니다.
이 합의는 여러 관할 구역에 걸친 진행 중인 여러 사건을 해결하는 것을 목표로 하며, 사전 및 최종 법원 승인을 필요로 합니다. CEO인 Walter E. Bixby는 이 합의가 미래의 불확실성과 지속적인 법적 비용을 제거하여 보험 계약자, 회사 및 주주에게 이익이 될 것이라고 밝혔습니다. 회사는 이 합의에 동의함에 있어 어떠한 책임 인정이나 위법 행위를 부인합니다.
Kansas City Life Insurance Company (OTCQX: KCLI) a annoncé une proposition de règlement national de 45 millions de dollars pour résoudre un litige collectif concernant les tarifs du coût de l'assurance pour certaines polices d'assurance vie universelle et vie universelle variable. Le règlement concernerait les réclamations d'environ 88 000 titulaires de polices dont les polices étaient actives à partir du 1er janvier 2002.
L'accord vise à résoudre plusieurs affaires en cours dans différentes juridictions et nécessite une approbation judiciaire préliminaire et finale. Le PDG Walter E. Bixby a déclaré que ce règlement éliminerait les incertitudes futures et les frais juridiques continus, au bénéfice des titulaires de polices, de la société et des actionnaires. La société maintient qu'aucune admission de responsabilité ou de faute n'est faite en concluant cet accord.
Kansas City Life Insurance Company (OTCQX: KCLI) hat einen vorgeschlagenen landesweiten Vergleich in Höhe von 45 Millionen US-Dollar angekündigt, um Sammelklagen bezüglich der Versicherungskosten für bestimmte Universal Life- und variable Universal Life-Policen beizulegen. Der Vergleich betrifft Ansprüche von etwa 88.000 Versicherungsnehmern, deren Policen ab dem 1. Januar 2002 aktiv waren.
Die Vereinbarung zielt darauf ab, mehrere laufende Verfahren in verschiedenen Gerichtsbarkeiten zu klären und erfordert sowohl eine vorläufige als auch eine endgültige gerichtliche Genehmigung. CEO Walter E. Bixby erklärte, dass dieser Vergleich zukünftige Unsicherheiten und laufende Rechtskosten beseitigen werde, was den Versicherungsnehmern, dem Unternehmen und den Aktionären zugutekommt. Das Unternehmen betont, dass mit dem Abschluss dieser Vereinbarung keine Haftungs- oder Fehlverhaltensgeständnisse verbunden sind.
- Settlement of $45 million would resolve all current and potential claims related to cost of insurance rates
- Resolution would provide clarity for approximately 88,000 policyholders
- Settlement eliminates ongoing legal expenses and future uncertainty
- Company maintains strong market presence operating in 49 states and DC
- $45 million settlement payment represents significant financial impact
- Settlement still requires court approval with no guaranteed timeline
- Multiple ongoing legal cases across different jurisdictions add complexity to approval process
Under the terms of the proposed nationwide Settlement Agreement, which is subject to both preliminary and final court approval, KCL has agreed to pay
The proposed settlement would resolve all current and potential claims related to the cost of insurance rates used by KCL in administering the following universal life and variable universal life policies: Better Life Plan, Better Life Plan Qualified, LifeTrack, AGP, MGP, PGP, Chapter One, Classic, Century II, Rightrack (89), Performer (88), Performer (91), Prime Performer, Competitor (88), Competitor (91), Executive (88), Executive (91), Protector 50, LewerMax, Ultra 20 (93), Competitor II, Executive II, Performer II, and Ultra 20 (96) policies (the "Class Policies") that were issued and administered by KCL and that were active on or after January 1, 2002.
The proposed settlement would also resolve the claims asserted in the following ongoing cases: van Zanten and Vittetoe v. KCL, 4:25-cv-00095-BP, US District Court for the Western District of
Settlement proceedings related to the
In entering the Settlement Agreement, the Company does not admit to any liability or wrongdoing of any sort with regard to any of the claims or allegations in the current actions or in any future actions, and notes that it will continue to vigorously defend any and all actions if the Settlement Agreement is not approved by the Courts.
Walter E. "Web"
Kansas City Life Insurance Company
Kansas City Life Insurance Company (OTCQX: KCLI) was established in 1895 and is based in
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements," which are statements, other than statements of historical facts, regarding the Company's plans, financial position and business strategy, and include statements regarding the Company's expected future earnings, capital position and dividend payments. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "expect," "intend," "estimate," "anticipate," "plan," "foresee," "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Important factors that could cause actual results to differ materially from the Company's expectations include those identified in its filings with the OTC. The forward-looking statements included herein are made only as of the date of this press release, and the Company does not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
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SOURCE Kansas City Life Insurance Company
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