An additional aspect of the claim relates whether the Can-Am fund effectively “cloned” or replicated the performance of the S&P 500. (FORMERLY NN LIFE AND NOW KNOWN AS “IVARI”) INDICATE THAT YOU WERE INVESTED IN THE “CAN-AM” FUND. As of 2015, Transamerica Life policies are now serviced by ivari Insurance Company. We have accomplished our goal. The settlement formula and the financial and policyholder information used to calculate the amounts owing to Class Members were examined and verified for their accuracy and fairness by independent accounting experts retained by each party. Transamerica companies are part of the Aegon Group. The aim of the settlement was to return any excess management fees that were charged to Class Members and to compensate affected Class Members for any related losses. "The increased charges that Transamerica applied to these universal life insurance policies caused tremendous surprise and stress for the affected policyholders, many of whom are now senior citizens, and some of whom are quite elderly and on fixed incomes," said Andrew S. Friedman, co-lead counsel for the plaintiffs. This class action is brought by the representative plaintiff (Joseph Fantl) on behalf of persons who invested or purchased units in a number of segregated funds that were offered as investment options by the defendant, NN Life Insurance Company of Canada (or its predecessors) and subsequently Transamerica Life Canada.Aspects of the claim relating to the alleged overcharging of management and other fees in respect of a number of segregated funds settled in 2009. By Andrew Rickard | November 16 2016 07:00AM. TRANSAMERICA LIFE CANADA/ivari CLASS ACTION –CAN AM FUND REPLICATION CLAIM. At no time did Transamerica charge any of its policy owners more than the contractually guaranteed maximum rates. This class action is brought by the representative plaintiff (Joseph Fantl) on behalf of persons who invested or purchased units in a number of segregated funds that were offered as investment options by the defendant, NN Life Insurance Company of Canada (or its predecessors) and … Transamerica denies the allegations in the claim and the allegations have not yet been proved in Court.The Plaintiff, through our firm, will now seek to press the matter forward to seek a determination on the merits of the certified common issues.
In 2018, the company agreed to a $195 million settlement to resolve a class-action lawsuit that alleged it increased the monthly deduction rate for roughly 70,000 universal life insurance policyholders (Best's News Service, Oct. 5, 2018).Transamerica admits no wrongdoing or fault, according to the terms of the latest settlement proposal.The account value credits in the proposed settlement are sufficient to refund all of the alleged past overcharges, according to a statement from The account value increases and payments will be based on the proportion of the total challenged charges paid by each policyholder, it said.Transamerica will deposit the settlement payments to existing policyholders' current insurance accounts; owners of terminated policies will receive payment by check, it said.In addition, Transamerica also has agreed not to impose any additional increases in the monthly deduction rate schedules applicable to the class members' policies for seven years, unless ordered to do so by state regulators, the statement said. This site may not yet be approved by the Departments of Insurance in all states at the time of publication. "The policies at issue in the Thompson v. Transamerica Life Insurance Co. litigation provide policy owners with guaranteed maximum monthly deduction rates and provide Transamerica broad discretion to charge rates below the guaranteed maximums," a company spokesperson said in a statement.
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